I am a tenant in a home going into foreclosure?

Question

I don't want to leave my home i love it, but my landlord decided not to pay his morgage since november. and not the home is going into forecluore . do i have any entitled to any rights? or any money,moving fees??? for kicking me out???

but also i am willing to buy it.

I have few question..

When in foreclosure are houses significantly cheaper than actual value?

Do i have 1st bid??

Do i need to have the home loan ready or in progress before i go there?

Or can i hopefully win the auction and then fix the paper work and loan.

please let me know a.s.a.p. i appreciate all answers!

Answer 1

As far as your rights, read your lease. That should answer your questions. Also the foreclosing bank should be in no hurry to throw you out as they will be receiving income on their property. As far as the price that the home will sell for, the bank will try to get as much for it as they possibly can. If you are in a position to to buy it you should talk to the bank. If you can cut a deal with them early it is in their best interests to sell it to you for a bit less than they might sell it to someone else. They wouldn't have to go through the expenses marketing or selling the place. They also wouldn't have to absorb the holding costs of owning a piece of property for very long. Most of these savings should end up in your pocket if you talk to them soon. Good luck.

Answer 2

the house doesn't just go into foreclosure. you know way ahead of time what is happening. you go to court before it happens. no, you don't have first bid. no you don't have any rights. your just a tenant nothing more. start packing your bags and look somewhere else

Answer 3

If you're in a position to be able to buy it, wait until it does go into foreclosure and you'll get a better buying price. Don't offer the landlord the money, he'll want what it's worth, the bank will want what's owed! Good Luck

Answer 4

You don't have any rights or entitlements, you're only renting.

You can however make a bid on the house.  When in foreclosure, the lender will have to auction the house and it does typically sell for a reduced cost.  The thing to watch out for is the taxes or any liens against it.  If its in foreclosure there is a chance the owner is behind on all taxes and may have a 2nd or 3rd mortgage on it.  If so, that has to be paid by the new owner.  Don't fall into that trap.

Answer 5

Arron is right about the short sale. Contact the bank directly. I worked in a foreclosure Dept and the last thing they want it another house in inventory.  From the previous post if there is a 2nd or 3rd mtg no its not your responsibly if you get title insurance when you close. Same goes for back taxes as well. In the mean time don't pay your landlord another dime.  Whats he going to do, go to court and evict you ? not likely. Also call the bank and find out when the sale is going to be. This varies from state to state. Its usually the first (Tuesday or Wednesday or any day  ) of the month on the steps of the county courthouse. The bank will have a minimum bid in mind meaning if that number isn't bid they will buy it back. No they wont tell you what that number is. but once again get in contact with there foreclosure Dept or (Trustee sales) dept. You might want to see if you can get a loan from them. They might be able to work with you in keeping you in the house espically since you have been paying and he hasn't

Answer 6

check with your city's housing dept. to find out the rules on tenants and foreclosure.  Where I live, you can get the landlord to pay your moving fees (especially if it's for just not paying the mortgage)  You have the right to not pay rent to help move.  You can do the paperwork after the auction but you have to have some kind of downpayment before the auction (probably 3%)  You can check w/your city's tax assessor's office and find out about any auction of property.  All the information concerning the sale of the property is public information and you can find out everything you need there w/you city's tax office.

And yes, foreclosed houses are usually much cheaper than actual value