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What would you do if the place you were renting was in foreclosure?

Do I confront the owner and let him know I am aware that it is in foreclosure, maybe ask him to lower the rent... do I stop paying rent...obviously he is not using my money to pay his mortgage...I can't afford an attorney...or do I just keep paying and "see what happens"? I don't want to be put in a situation where we are forced to move out. We have a lease for a year and have only been here for two months.

 
justme782

Asked by justme782 at 11:40 PM on May. 14, 2011 in Home & Garden

Level 21 (11,940 Credits)
This question is closed.
Answers (22)
  • if the house is not actually foreclosed upon, it's not the banks just yet, so he can still collect rent... that being said, they (who ever owns the house) has to give you due notice to move out, or offer you a new lease at a new (or the same) rental rate, etc.
    i would NOT stop paying the rent, that could/will come back on you, but i would start talking to the bank to see if they can tell you anything about how close to foreclosure the property is... to give you an idea of how much time you do have
    asil

    Answer by asil at 12:07 AM on May. 15, 2011

  • A co-worker is going through this now. Apparently the owner rented the house knowing it was in foreclosure and all he wanted was to scam someone for money! They got an atty. and are fighting for their money back and have rented another home. Apparently since it's in foreclosure the bank owns the home so this is fraud. I doubt they'll get compensated for their losses and definetely won't get cleaning deposit back. I don't know how you found out but you need to contact the financial institute and maybe work out something with them.
    Kathy675

    Answer by Kathy675 at 11:56 PM on May. 14, 2011

  • I would start looking for somewhere else to live and don't unpack, if your landlord didn't tell you I wouldn't want to deal with someone so shady. It's hard to say if you will be forced to move. I know home owners that had only 2 weeks to move and another that is still living for free 2 years later. I think you still have to pay rent, you are still living in the property. What does your lease say about them terminating? You may have a lawsuit if you're forced to move and you should certainly get a deposit back since they won't be doing anything to the home.
    camiam81

    Answer by camiam81 at 11:58 PM on May. 14, 2011

  • You need to contact the bank. This is how my friend found out. Seriously, cover your ass. The bank won't make you move out immediately and may even set you up with a better deal until house sells. I hate scammers!!
    Kathy675

    Answer by Kathy675 at 12:03 AM on May. 15, 2011

  • Good, he needs to be reported and if that's true you'll have money to help you get into another place :)
    Kathy675

    Answer by Kathy675 at 12:22 AM on May. 15, 2011

  • Legally they can't take rent money if they know they are in foreclosure. We have been in this situation TWICE now! I'd find out the exact laws (maybe contact the bank the mortgage is under about your rights as a tenant) and get the heck out!
    Anonymous

    Answer by Anonymous at 12:36 AM on May. 15, 2011

  • Yeah I'd just call the bank. You don't want to stop paying rent because that could put you in trouble too. I'd call the bank before making paying another month's rent though.
    Anonymous

    Answer by Anonymous at 12:38 AM on May. 15, 2011

  • I'd call the bank and start looking for a new place to live.
    _Tam_

    Answer by _Tam_ at 1:37 AM on May. 15, 2011

  • Call the bank. There are things in place to protect people in the situation but it depends on if the house is in forclosure or not and at what phase its in.
    aj23

    Answer by aj23 at 4:38 AM on May. 15, 2011

  • I have no idea but would check with an attorney.
    ethans_momma06

    Answer by ethans_momma06 at 5:20 AM on May. 15, 2011

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