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Here is a foreclosure question. I have a friend who stopped paying her mortgage in July after the tenants left and she used all her savings up to pay payemnts and could not sell the house. The house is in Short sale right now. It was her personal home till a job transfer came about and she then decided to rent it to a friend who lost her job later on and moved out. She has offferd us the house to stay in till the bank forecloses it. I do not plan on un-packing anything , just using it as a free place to rest my head and grab my stuff and run when the sheriff comes a knockin. I know its not really a great idea but since we are jobless right now and trying to do whatever we can to stay afloat its our best option. I have heard so many stories as to what happens but my husband said he heard something about the sheriff no longer coming out to evict people who are tenants who live in a property? HE said he heard that the bank has to honor the lease and just not renew it once it is uphey want the poeple out. Any truth to that and is that for properties only deemed rental properties or investement properties? I know its like 3-6 months and I think FL statutes are 180 days which is 6 months but with such a back log does anyone know how long it is taking in lehigh? I know she is working with the bank by trying to sell it. She told me she signs papers every week to drop the price for short sale. Im just wondering if there is any truth to the bank lease thing and if there is any chance the bank would sell it to us. We have poor credit from like stuff we had when we were teenagers like 10 years ago. Thats a spit in the bucket but I know the bank doesnt want yet another home sitting on there books. I just dont want to be there for a month or 6 and then have the Sheriff say you have 24 hours to get out. 2 weeks would be good! LOL
Best answer is to consult an attorney. A fifteen minute consultation (maybe $40.00-50.00)would have a clear, concise answer, without any doubts.
In the past, yes, a bank would honor the terms of a lease, and they were able to collect the rent moneys, so it was actually a win/win situation for them. Lately because of the scams, and the sheer number of foreclosures, changes have been made. The exact nature of those changes I am not certain of, but I know the banks can, and have, had tenants put out immediatly upon issuance of a writ of eviction.
Again, i reiterate, an attorney will provide you with the only answer that you can trust to be correct, beyond doubt. It's a small price to pay for your peace of mind, and making certain you are not liable for criminal charges. Remember, ignorance is no excuse.
I would agree with Yachtcare and say consult an attorney. That being said here's my experience having been a Realtor that works for banks on the foreclosure side. We having been seeing an average of 6 months+ from short sale to foreclosure. It really depends on the bank and how quickly they move it along. They will not have any part in any lease. You would need to qualify for a mortgage to purchase the home.
Once the short sale has moved into the foreclosure department they will assign it to a Realtor to do an occupancy check. At this point a local Realtor that is working for the bank will go out and look for any signs of activity-electric meter running, car in driveway, etc. They will then report back to the bank. If they find no activity the locks will be re-keyed within 24 hours of that inspection. If there is someone living there the bank will offer what is referred to in Realtor terms as CFK or Cash for Keys. They Realtor will come to the door and ask what your plans are as far as moving out. Then they will offer you money usually $500-$1000 to vacate the premises, give them the keys and leave the property in "broom swept" condition. They usually want you out within a few days.
If you agree they set this transaction up with the bank. If you refuse they report back to the bank that you are refusing to leave the property and they will follow through with a formal eviction. The rules and regs on the eviction will go by what county you live in.
There are other things that have to be done if personal property is left in the residence but this is a general overview of how it works.
Good luck with whatever you decide to do!
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