How to Pay Rent After Foreclosure

My question involves real estate located in the State of: Louisiana

This is my first posting here. If I have posted this in the wrong place, I would appreciate it if one of the Moderators would move it.

How can I confirm that Fannie Mae now owns the property I am renting. I have checked with the parish tax assessors office and the property ownership hasn't changed. I have to pay my rent July 1 and I want to be sure I pay it to the correct person. A realty company has been managing the property. I contacted them today, but I haven't heard back anything.

I received a notice yesterday and attached to it was a business card. I did a search on the Real Estate Agent that is listed on the card and nothing came up with the Louisiana Real Estate Commission or on google stating he was a real estate agent in my area or even Louisiana.

I suggest you call him and see what he has to say.

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Quoting Mercy&Grace

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My question involves real estate located in the State of: Louisiana

This is my first posting here. If I have posted this in the wrong place, I would appreciate it if one of the Moderators would move it.

How can I confirm that Fannie Mae now owns the property I am renting. I have checked with the parish tax assessors office and the property ownership hasn't changed. I have to pay my rent July 1 and I want to be sure I pay it to the correct person. A realty company has been managing the property. I contacted them today, but I haven't heard back anything.

I received a notice yesterday and attached to it was a business card. I did a search on the Real Estate Agent that is listed on the card and nothing came up with the Louisiana Real Estate Commission or on google stating he was a real estate agent in my area or even Louisiana.

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What specifically did the notice say?

I did call him, Thursday afternoon. He said he would call me back before 5 pm. I haven't heard from him as of the time of this posting.

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It is a preprinted type notice. It has Fannie Mae in my upper left hand corner and Know Your Options in the upper right hand corner. There are blanks that are filled in with Property Address and Date Of Notice. It states that the property isnow owned by Fannie Mae. It gives 2 options, 1 is staying and the other is moving with assistance. It says you have 10 days to contact the agent and let them know your options or if you want to purchase the property. My concern is that this may have been copied.

Scammers have gotten very smart, if you can call it that. I am going to call the realty company that manages this property Monday. If the agent that manages it isn't in, I'll speak to someone else. There is no way I can pay a month's rent to twice. I have lived here for 9 yrs and this realty company has managed it for 5 yrs. I can prove I received the notice with the agents business card. So if there is something that isn't right, I'm Praying the realty company be able to get it straight. The owner, or previous owner lives in Calif.

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Quoting Mercy&Grace

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I did call him, Thursday afternoon. He said he would call me back before 5 pm. I haven't heard from him as of the time of this posting.

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It is a preprinted type notice. It has Fannie Mae in my upper left hand corner and Know Your Options in the upper right hand corner. There are blanks that are filled in with Property Address and Date Of Notice. It states that the property isnow owned by Fannie Mae. It gives 2 options, 1 is staying and the other is moving with assistance. It says you have 10 days to contact the agent and let them know your options or if you want to purchase the property. My concern is that this may have been copied.

Scammers have gotten very smart, if you can call it that. I am going to call the realty company that manages this property Monday. If the agent that manages it isn't in, I'll speak to someone else. There is no way I can pay a month's rent to twice. I have lived here for 9 yrs and this realty company has managed it for 5 yrs. I can prove I received the notice with the agents business card. So if there is something that isn't right, I'm Praying the realty company be able to get it straight. The owner, or previous owner lives in Calif.

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So, you call the agent listed on the letter and (leave a message if necessary) inform him that he needs to provide you some proof that Fannie Mae owns the property and that he is their official representative.
Don't pay rent to anybody until somebody provides you proof of who owns the property.

I agree that you should be demanding documentation of ownership before paying any rent. If that takes you past the due date make sure you put the money aside and don't spend it.

Two more things:

1 - You should generally be getting 90 days notice of termination of tenancy under federal law.

Read this:

http://www.usfn.org/AM/Template.cfm?...ontentID=13253

2 - You can search recorded deeds in your county or parish land records office and see what foreclosure and ownership documents have been recorded. When property is foreclosed there is usually a progression of documents recorded over a period of time.

Thank you. I am on disability, so the rent money is set aside before I get it. I didn't think to ask for proof of ownership for Fannie Mae. I am so concerned that it might be a scam and I know that document forgery has gotten very good. But, I should be able to call and verify anything with the Parish Deeds Section is that correct ?

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Thank You. The last lease I signed was in 2011 with the realty company. Would I be correct in thinking that since I'm without the protection of a lease that the new owners can make me move, instead of signing a new lease with them ?

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Sorry I forgot to ask this earlier. Isn't the 90 day eviction notice different than the notice I described earlier ? Or are they interchangable ? The notice I received had Fannie Mae in one corner and Knowing Your Options in the other corner. Before the property address and date it says Important Notice To Occupants.

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Quoting Mercy&Grace

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Thank you. I am on disability, so the rent money is set aside before I get it. I didn't think to ask for proof of ownership for Fannie Mae. I am so concerned that it might be a scam and I know that document forgery has gotten very good.

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I found the following website called Know Your Options that explains the Tenant-in-Place Rental Program. The Tenant-in-Place Rental Program is not a scam but the letter you received might be if it's from somebody who wants to charge you a few for helping you.

http://knowyouroptions.com/rent/my-r...rental-program

And I confirmed on the Fannie Mae website that Fannie Mae created the Know Your Options site:

https://www.fanniemae.com/singlefami...w-your-options

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Quoting Mercy&Grace

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But, I should be able to call and verify anything with the Parish Deeds Section is that correct ?

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You should be able to verify any change of ownership that occurred. I'm not sure you can do it without a visit to the records office. Check to see if your Parish Deeds Section has a website with an online search feature where you can view the documents on your computer. If you have trouble with that, tell me the name of the parish and I'll take a look.

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Quoting Mercy&Grace

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Thank You. The last lease I signed was in 2011 with the realty company. Would I be correct in thinking that since I'm without the protection of a lease that the new owners can make me move, instead of signing a new lease with them ?

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The new owners can terminate your tenancy regardless of whether you have a lease or are on month-to-month but you would still have the 90 day notice protection under the federal law.

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Quoting Mercy&Grace

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Isn't the 90 day eviction notice different than the notice I described earlier ? Or are they interchangable ? The notice I received had Fannie Mae in one corner and Knowing Your Options in the other corner. Before the property address and date it says Important Notice To Occupants.

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What you received is not a termination notice. It's an option letter and not interchangeable with a termination notice.

Go to the Know Your Options page and check out "Beware Scams" and "FAQ Answers."

Then call that realtor and see what they have to say. Don't commit to anything until you come back to this thread and discuss the results of your call and/or your records search.

Thank You So Much. I will come back here and post after I am able to talk to someone.

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I spoke with the RealEstate Agent who manages this propety for the realty company. She said that FannieMae has taken it over. She also said for me not to pay any rent to them.

There hasn't been anyone in at the realty company that is now suppose to be managing this property, so I haven't been able to speak to anyone there, but I will keep calling.

Whatever you find out on the phone, make sure you verify with documentation.

A man from the real estate company that is suppose to be managing the property now called. He said they were offering a Cash For Keys option. And gave two different amounts if I was out by July 15 & Aug 15. I asked about being able to stay here and continue to pay rent and he said that wasn't going to be an option. I also told him that all I had received was the Know Your Options sheet and I asked about when I might expect the 90 day notice to vacate. He said the Know Your Options sheet was all that I would receive. I made a comment that under federal law I thought they had to give me a 90 day notice to vacate and he said that was from the date of the Know Your Options sheet. I told him I wasn't sure what was available and that I had physical disabilities so I could not move any places that had stairs or required me having to walk for more than 5 minutes. He said for me to call him back later on in the week. He also told me to not pay the rent. For the records, the amount of my monthly rent will stay in my checking account until I move.

Questions:
1) Is it federal law that I have to receive the 90 vacate notice ? Does it have to be in writting or can it be verbal ?
2) Are there any situations that apply when someone has physical disabilities and receives SSA disability from the stand point of the 90 day notice being extended ? I am very concerned about being able to find a place this quickly.

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Quoting Mercy&Grace

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A man from the real estate company that is suppose to be managing the property now called. He said they were offering a Cash For Keys option. And gave two different amounts if I was out by July 15 & Aug 15. I asked about being able to stay here and continue to pay rent and he said that wasn't going to be an option. I also told him that all I had received was the Know Your Options sheet and I asked about when I might expect the 90 day notice to vacate. He said the Know Your Options sheet was all that I would receive. I made a comment that under federal law I thought they had to give me a 90 day notice to vacate and he said that was from the date of the Know Your Options sheet.

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I think he's partly right. I thought it was a little strange so I did some more checking.

The Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 extended the Protecting Tenants at Foreclosure Act of 2009 to run through to the end of 2014 and changed the notice requirement:

SEC. 1484. PROTECTING TENANTS AT FORECLOSURE EXTENSION AND
CLARIFICATION.
The Protecting Tenants at Foreclosure Act is amended—
(1) in section 702 (12 U.S.C. 5220 note)—
(A) in subsection (a)(2), by striking ‘‘, as of the date
of such notice of foreclosure’’; and
(B) in subsection (c), by inserting after the period the
following: ‘‘For purposes of this section, the date of a notice
of foreclosure shall be deemed to be the date on which
complete title to a property is transferred to a successor
entity or person as a result of an order of a court or
pursuant to provisions in a mortgage, deed of trust, or
security deed.’’; and
(2) in section 704 (12 U.S.C. 5201 note), by striking ‘‘2012’’
and inserting ‘‘2014’’.

So, the Know Your Options notice was the beginning of the 90 days. More accurately, the date of title transfer is the start of the 90 days. That might coincide with the notice or precede the notice so if you're getting 90 days from the date of the notice you are ahead of the game.

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Quoting Mercy&Grace

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I told him I wasn't sure what was available and that I had physical disabilities so I could not move any places that had stairs or required me having to walk for more than 5 minutes.

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Well, you've got until the latter part of September to find another place. But if you want any money from these people find out how much they'll pay you for the early move out days. If it's a substantial amount, you'll figure out how to get it done. If it's peanuts then take until September.

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Quoting Mercy&Grace

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1) Is it federal law that I have to receive the 90 vacate notice ? Does it have to be in writting or can it be verbal ?

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Based on the revision of the law that I quoted you already got it and you got it in writing.

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Quoting Mercy&Grace

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2) Are there any situations that apply when someone has physical disabilities and receives SSA disability from the stand point of the 90 day notice being extended ?

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No.

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Quoting Mercy&Grace

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I am very concerned about being able to find a place this quickly.

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What's your definition of quickly?

3 months is plenty of time for anybody to find a new place to live. Just don't sit around waiting until the last minute to start looking.

adjusterjack, Thank You. I appreciate your time and effort. My definition of quickly, in this situation would be 2-4 weeks, ie less than 1 month. I've already started looking, today there wasn't anything, tomorrow may be different. I will see what is advertised and Thursday I will call the man back and let him know what I've found available. Thank You again.

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I've got another question. If you aren't offered a lease and you don't take the Cash For Keys Option, can they still show the property ? I had a bad experience a number of yrs back when the owner of another apartment brought someone to look at it that they said was thinking of buying it.

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Quoting Mercy&Grace

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I've got another question. If you aren't offered a lease and you don't take the Cash For Keys Option, can they still show the property ? I had a bad experience a number of yrs back when the owner of another apartment brought someone to look at it that they said was thinking of buying it.

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Yes.

They can show the property.

A Landlord has the right to enter the premises at reasonable times to inspect, maintain, and show the premises. Except in the case of emergency, a landlord must gain permission from the tenant in order to enter. The Tenant may not unreasonably deny permission. Either party may obtain injunctive relief from the courts if the other party is unreasonable regarding access issues.

The Louisiana landlord tenant statutes are a mess and difficult to navigate. That paragraph is general information but is often routinely applied by the courts.

You can insist on sufficient advance notice like 24 or 48 hours. You can turn people away at unreasonable hours.

But if the landlord acts reasonably, you'll have to allow the showing.

My advice, however, is that you safeguard your valuables or be there during the showing and follow the people around from room to room. Realtors are likely to ask you to not be there during a showing. You can and should say no to that. And I also suggest not allowing a lockbox as they allow entry when you aren't there.

Thank You for going the extra mile, again. I was unaware about the lockbox.

Update-
I told the man with the realty company that due to my receivng SSI I won't
be able to accept the Cash For Keys option. He said he would get back with me and let me know what the bank said. The only time frame he is using for my moving is until the middle of Aug. He did say that if I wasn't out by the middle of Aug that they would start eviction proceeding. I told him that federal law states the tenant has 90 days. He then said that eviction proceeding took a while. The property was sold on June 25, so the earliest there could have been any changes would have been June 25. I told him that I was not trying to be difficult by not taking the Cash For Keys options and that the latest I would be out would be by Sept 22, although I felt sure it would be before then.

The only reason I can figure out that he said what he did about the bank is because he may have not run across anyone who wasn't able to/hasn't accepted the Cash For Keys options and he wasn't sure what to say.

Realtors are not lawyers and know squat about law.

I suspect that, before the bank starts a court eviction, there will be a discussion with the bank's lawyers who are well aware of the 90 day requirement and are unlikely to file in August because you'll be able to get it dismissed and make them start all over in September if you are still there after the 90 days.

By the way, how much cash were you offered to move?

adjusterjack, the offer was #3,500 to be out by July 14, $2,500 to be out by Aug 14.

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I received a letter from an attorney. This one states that the property has bee sold and the date it was sold on. It does give an extended time frame fo me moving out by 20 days. Although the original time frame was from the date the property was sold and this seems to be from the date date of this letter. Regarding my paying rent, it states that I am obligated to pay any amount due under the lease or tenancy during the 90 day period. It states that I need to send my rent to the property manager in the Know Your Options document.

I was told by the man at the property management company that I wasn't to pay any rent. What could be the reason for being told two totally different things ? Does this mean that I have to pay rent now even though I have to move in 90 days ? I am going to call the attorneys office Monday. They may say it is just a form letter that was filled in with the dates. But, it is very confusing. Any ideas ?

If you are not sure who the owner is, contact your local court to set up an escrow account. You are required to pay your rent.

The lease I had with the other property management company expired several yrs ago and it has been month to month since then. The man with the new realty company that is managing it for the bank/Fannie Mae said that they would be selling the property and not renting it. The same man that told me not to pay my rent will be the same one I will have to deal with in paying it. Good Grief.

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To be sure I have this straight. I continue to pay rent here. I realize this may be a silly question, but here goes. Not paying the rent for 3 months would be less than the Cash For Keys Options, but would give me enough for first month rent & deposit. Would I be doing anything wrong if I asked to not have to pay the rent instead of the Cash For Keys ?

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The man from the realty company said to not pay rent and to be out in Sept. The letter that the attorney sent me seemed like a form letter and the man from the realty company said that from what I read him that was what it sounded like and that would explain the part about paying the rent. But, I'm not spending the rent money, until I find a place to move to and then it will go for the first month rent and deposit. So if for some reason, it can be proven to me that I have to pay rent and to whom, then I will pay it. I did tell the man from the realty company that even if he said i had to pay the rent I would need something legal from them stating who owned the poperty before I would pay it. At the top of the letter it did say Notice To Vacate. He did tell me not to pay the previous owners, which I told him I already knew. He also asked me if I had signed anything and I told him no, which is the truth.

Thank You to those who replied. The info by the members of this forum helped to reduce the stress and I appreciate it more than words can say. I moved several weeks ago. I ended up having to stay about 3 weeks longer than I was suppose. I did have to call the toll free number listed with Know Your Options for info. They were very helpful. The man at the realty company bent over backwards to work with me because he knew I was trying to move.

For others who are faced with the same situation in the future, I have 3 things to say. This forum is informative and the members here will try and help you as best they can. Read the details of Know Your Options, if you have questions call the toll free number listed. Be Polite to All of the people you have to deal with. As hard as it may be to believe this, having to move under these circumstances can be a Blessing. The additional money can help in many ways.