Re: Landlord's House Under Foreclosure
So, the tenant really will be in the dark until a letter comes in about a new owner?
If the sale is suppose to be on Nov 3 I would hate to have to pay the landlord if he won't own it after that date.
It would be nice if the mortgage company send a letter to anyone at the address (current resident) and let them know that the house is due to foreclose instead of putting us off til the end..... It's very stressful and not knowing what will happen brings a lot of heartache.
We moved in here Sept 1st and started receive the letters from the attorney addressed to our landlord a little over a week after moving in.....
Thanks
Re: Landlord's House Under Foreclosure
Thanks for everyone's reply. I think I found out most, if not all, my questions.
If anyone has the same problem as me - here is what I found out.......
I called the law office that represents the lender.
If a house is up for a foreclosure sale then the landlord is the owner upto that sale date. If some one buys the house (which here 95% is not sold) then the new buyer must send a letter explaining what their intentions are. If they plan on moving in then they must send you the 90 day eviction notice. (90 days is the new eviction law by congress and expires in 2012 - I believe)
If no one buys it then the lender takes full control over the property and notifies the law office of their intentions - either to evict any occupant or agree that the tenant may stay for their full lease term and pay them (which hardly ever happens)
The law office that is representing the lender told me that I could call back the day before the sale to see if it's still up for sale. They said that arangments can be made between the owner and the lender which could possibly take the property off the list, however, if the owner had any options left then that would of already been done before it went to any attorneys office. But still can happen all the way up to the sale date.
Hope this make sense and I really do thank all that has replied to my questions.
This forum is great and once again thank you
daveofgv