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Years ago I had a situation where I rented an apartment inside a foreclosed building without noticing it. The 'landlords' had really managed to break into the place and just started renting it out. I figured it out and stopped paying rent and found somewhere else to move to, but it was really stressful. Everyone had to move out though. My clues/red flags were when the dumpster got repo'd and the 'landlords' kept removing a for sale sign from the front that a realtor kept coming by and putting up. And the 'landlords' disappeared and I don't think I even had their real names. The building was bought by someone and they remodeled and started renting it out several months later. Feels weird when I see an apartment at the place advertised for rent. Of course I never got the security deposits back.
I know it's stressful, but it's a lot easier to take the money and move.
How were you able to sign up for electric if they didn't own the building and how did they turn the water on?
The lender is trying to buy out your lease. You can either take the money and go or you can try to get a little more by finding a new place and figure out what the cost is going to be then tell the lawyer that's the amount you need to leave. If the landlord did own the property then the lease should remain in effect which puts the ball in your court, banks aren't in the business of renting and will pay to get you out.
You hold some cards here the only way they can kick you out is if you are month to month or the new owner wants to live there, both require 90 days notice.
How were you able to sign up for electric if they didn't own the building and how did they turn the water on?
I just went to electric company and water company and had them turned on in my name. No utilities were included but trash pickup. They didn't ask me any info but my SSN, name, and address. The utility company where I'm at now required me to provide all sorts of documents, but the one in that town doesn't check anything. You can even call the electric company on the phone and have it turned on and they bill you the deposit. You have to go in for the water company though. It's at a separate place.
Is it a Home with a Mother in law apt that your renting or some thing like that? Hows your cr? Ask if you can buy it!! IF you can maybe you should BUT make the Bank Remove the LL/ex-LL!! Buying not bad they only want what is Owed! Not current market price..
The house is divided into four apartments. The landlord doesn't live in one but his daughter does. My credit score is about 685. You think this could be a good opportunity? Who would I contact? The Realtor that's working for the bank?
Call the bank ask for the person that handles Foreclosures. Find out what the Pay Off is. And get a general idea on what the monthly mortgage would be. If it sounds good to you...tell them you want to buy it.
The lender is trying to buy out your lease. You can either take the money and go or you can try to get a little more by finding a new place and figure out what the cost is going to be then tell the lawyer that's the amount you need to leave. If the landlord did own the property then the lease should remain in effect which puts the ball in your court, banks aren't in the business of renting and will pay to get you out.
You hold some cards here the only way they can kick you out is if you are month to month or the new owner wants to live there, both require 90 days notice.
Protecting Tenants at Foreclosure Act of 2009
The PTFA expired December 31, 2014. It is not longer federal law.
To the OP, check your state specific laws on this subject as some states passed their own state version in response to Congress allowing this to expire on the federal level.
Didn't even know it expired that doesn't even make sense to let it expire in the first place.
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