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  1. #1
    Join Date
    Aug 2006
    Posts
    19

    Unhappy Owner of Home I'm Renting Has Filed Bankruptcy

    My question involves bankruptcy in the state of: FL
    The owner of the house I am renting went into foreclosure on her personal residence and she then filed Bankruptcy. The house I rent is in a different county and I do not believe any foreclosure actions has been taken on it (at least not showing on internet). Will this effect the rental propery that I am in, and if so how? Should I be finding another place to live? Thanks in advance.

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Owner of Home I'm Renting Has Filed Bankruptcy

    Will this effect the rental propery that I am in, and if so how?
    If she has reaffirmed the mortgage on the house you live in, you should be OK.

    HOWEVER...I think you're in a precarious situation. If she lets your house slip into foreclosure, you could find yourself scrambling for a new place to live with just 30 days notice.

    When is your lease up? It might be a good idea to start a bit of discreet house hunting.

  3. #3
    Join Date
    Aug 2006
    Posts
    19

    Default Re: Owner of Home I'm Renting Has Filed Bankruptcy

    thank you for your reply. since posting I have found out that it is actually chapter 7 that has been filed. i am starting to look but my lease is not up until dec. and not sure how much time this all takes. It was filed about three months ago.

  4. #4

    Default Re: Owner of Home I'm Renting Has Filed Bankruptcy

    Quote Quoting jan18
    View Post
    thank you for your reply. since posting I have found out that it is actually chapter 7 that has been filed. i am starting to look but my lease is not up until dec. and not sure how much time this all takes. It was filed about three months ago.
    This is an ugly situation. You have a contractual obligation yo pay your rent, but you might get kicked out at any time too.

    Here's what I would do.
    1. Ask if she's reaffirmed her loan.
    2. NICELY tell her you'd like to pay your rent directly to the loan.
    3. Write your rent check payable each month to the mortgage company.
    4. That way she won't just spend your rent while you think the mortgage was being paid.

    BTW, a friend of mine had five homes he knew were going into foreclosure. He rented all of them as if nothing was amiss and the poor renters didn't know what hit them. They had legal grounds to sue him, but he was declaring bankruptcy anyway so there was nothing to gain.

    After that experience I've always felt you should try to pay your rent directly to the mortgage company in a case like this.

    That being said, I've only lived in the Western USA and your laws in Florida may not allow such a transaction. I would check with your local statutes before trying to work out the above suggestion.

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