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  1. #1
    Join Date
    Apr 2009

    Question Signed Lease on a Rental Property That Was Already in Foreclosure - What to Do


    On May 1st I signed a lease with the landlord for one year until April 30, 2010. We did everything through a realty company who assured up that this house was NOT in any type of foreclosure, etc. Two weeks ago I recieved a weird document in the mail one for tenant #1 and one for tenant #2 dismissing someone from something. Now to the point, a new job that I started 3 days ago helps people recover assets ater properties have been sold. I got bored and searched my own home as a joke, only to find it has been in foreclosure since October 2008. This I was not made aware of.

    My problem: I spent every last dollar renting this house $1300 for 1st month rent and $1300 security. I make just enough to cover the bills and the rent, much less provide for my two kids under 2 years old. To have to move again wuld be another $3,000 that I just don't have. I have not spoken with the landlord at this time because I know I will go off on them. I want my deposit back, because without it I can not afford to move.

    Some things that I found online where people not paying rent because most likely they will not see their deposit returned. I don't know what to do or where to go from here. Nor can I afford an attorney.

    Any advice on how I should approach this? Last thing I need right now is the sheriff showing up at my door any day and telling me to get out now with two babies and no way to move all my stuff right now.

  2. #2
    Join Date
    Jan 2008

    Default Re: Signed Lease on a Rental Property That Was Already in Foreclosure - What to Do

    Your landlord is the OWNER of the property until the date of the trustee sale.

    Your landlord owns the home and has every right to collect rent while he is the owner of record.

    Your landlord can cure his default at any time and there is nothing that says the house will end up back in the lenders hands.

    While someone is the owner of the property they can rent it out. No fraud and nothing against the law from what you have posted here.

    If the bank does foreclose on the home, they will give you ample time to vacate. Some banks may even offer you cash to leave.

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