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2 Bumps

I am a renter and the house I live in has foreclosed! I need advice

We have lived in our home for 3 years, we have not wanted to buy a home until we moved here, but the landlord, although he lives in another state, said he did not want to sell, well  he went into foreclosure one month BEFORE we moved in!

The house has foreclosed and the bank has contacted me. I have been doing some reading, and people are saying that these property manager agents can be unfair and aggressive. I wanted advice, has anyone been though this? What should I do to maximize my benefit? I have loss my deposit (down payment and hefty pet deposits), I don't think he'll give it back.

Answer Question
 
Anonymous

Asked by Anonymous at 12:13 PM on Nov. 12, 2012 in Home & Garden

Answers (15)
  • I would contact an attorney. You could take him to small claims court as well to try to recover your monies.

    Either way, it will end up being more effort and money on your behalf.

    Good luck.
    QuinnMae

    Answer by QuinnMae at 12:22 PM on Nov. 12, 2012

  • Contact an attorney and take the bastard to small claims. I would take him for the deposit PLUS moving expenses.
    LostSoul88

    Answer by LostSoul88 at 12:25 PM on Nov. 12, 2012

  • What does your lease say? Or are you paying month to month? Talk to the forcloser people. See if they will honor your lease?
    You might need to start to look for a nother place to leave.
    louise2

    Answer by louise2 at 12:28 PM on Nov. 12, 2012

  • Louise2, yes it ends dec 31, they will not honor it, but the do ofer to let me stay, idk for what amount, i think it may be better to move... idk i feel conflicted,

    Anonymous

    Comment by Anonymous (original poster) at 12:33 PM on Nov. 12, 2012

  • Find out what bank is foreclosing on the house and tell them you want a cash for keys. My husband does property preservation, and this is really common. The bank will give you money to leave the house in decent condition. My husband has given as much as $11,000 for a cash for keys, but $3,000-$5,000 is more common.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:34 PM on Nov. 12, 2012

  • JulieJacobKyle, What do I need to do, just tell them I'll leave if they give me cash for keys?
    Anonymous

    Comment by Anonymous (original poster) at 12:43 PM on Nov. 12, 2012

  • Different banks have different rules, but in general, you will leave peacefully without damage to the property and you won't leave a bunch of crap behind. It saves the banks money on clean outs and property repair, and they don't have to file a formal eviction.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:45 PM on Nov. 12, 2012

  • BTW I have no idea how they come up with the amount of money for a cash for keys. My husband is doing on on Wednesday for only $1,000. That's the lowest I've ever seen. I think it's a condo though.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:53 PM on Nov. 12, 2012

  • IDK, but if it was me I'd base it off of how quickly I'd think i could sell the house, and the money I'd need to put into it.
    Anonymous

    Comment by Anonymous (original poster) at 12:55 PM on Nov. 12, 2012

  • The banks (here anyway) aren't really concerned about selling the houses. They need to bring them up to CC, but then they usually sit without being listed.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:57 PM on Nov. 12, 2012

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