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Old 05-05-2008, 08:30 AM
 
153 posts, read 461,903 times
Reputation: 33

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I wasn't sure where to post this....

We are renting a home... Friday night there was a knock on the door, process server. The lady who owns the home is being foreclosed on. We've only been in this home for 3 months. I pulled up the court records on line and she actually has 3 properties in foreclosure. We rented the home through a realtor who acts as the property manager. Has anyone experienced this? We paid a lot of money to move in this house. Are we still obligated to pay rent?
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Old 05-05-2008, 08:40 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,081,912 times
Reputation: 1008
you can move out or wait till they foreclose.

the foreclosure process may take 5-6months...depending on your state.
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Old 05-05-2008, 10:29 PM
 
2 posts, read 5,016 times
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I suggest that you perhaps start looking for a new future residence soon and also make sure that any money spent on deposits are available for refund to you before and when you relocate. Speak to the Realtor or Property Manager to be reassured that this money will be refunded to you considering what is occuring. My guess is it may not be an issue getting back any deposit money.
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Old 05-06-2008, 07:15 AM
 
153 posts, read 461,903 times
Reputation: 33
Thanks... I don't think the deposit money will be hard to get back. I'm pretty sure the realtor is holding that. I wonder if this is becoming a problem with the real estate market the way it is.
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