Forclosure and Renters (what to expect) (Orlando, Oviedo: sale, foreclosure, condo)

[cmls529]

Long story short. We need a rental now. We had a place lined up but the owner decided to sell. Our Landlord wants us out by July 15th and we are looking for a smaller place with cheaper rent.

My question is we found a decent rental and the landlord is renting it month to month because she has been issued a Lis Pendens and the forclosure process has started. There is no sale date as the issue was sent 6/04/08. We know that it could only be a few months. Does anyone have any input or suggestions on this process. The owner has been up front with us and like her we have had our own share of financial nightmares. The owner is unsure of what is going to occur. We have never dealt with anything like this before but basically we want to stay in Oviedo and most rentals are for August and those that are left are not suitable for our family (we have pets and kids that we are not getting rid of)

Also if our names go on the case file as tenants can that adversly affect our credit down the road? I really no nothing about this whole area. Thank you for any help.......

[E39Chris525i]

I would strongly advise against it since you will most likely have to move twice in x amount of months. Keep looking in the local ads and if all else fails, get a monthy rate at a hotel if need be. I know costs will be high, but you gotta do what you gotta do. If you are renting and the landlord goes through the foreclosure process, your credit will have nothing to do with it since its the landlords property and not yours. To make a long story short, your credit will be fine as wine....

[InternDoc]

I was just recently moved to Orlando on June 1. The first condo I looked at and really fell in love with the place. But when we walked in, there were a tons of mails on the counter. Just out of curiosity, we opened up the mail and take a peak. We found out that the landlords is not paying the place and he is wayyyyyyyyy behind. I called up the landlord and asked him to put in writing that he's is current on the payment but he refused. So, we just decided NOT to take the place b/c you can be in there as long as 1 year or 1 day. Just depend on when is the foreclosure paper takes effect.

[cmj_fla]

Like Chris said, you gotta do what you gotta do. You may have to move again in a few months but maybe by then you will have time to find another place that fits your needs. Just weigh out the options but keep in mind that living in a place that is being foreclosed may be a little stressful because you will never know when your time will be up.
I have been through a similar situation were the condo assocation I was living decided that they would not allow renters any more and we had 20 days to find a new place. I was 8 months pregnant so we found the first thing available and went month to month until we found a better place. We just kept most of our stuff in boxes and it worked out fine. Good luck!