I live in Nevada and rented a house in january but the house is being foreclosed.?

Question

the landlord now wants us out in july 2008 so we told her to use our security deposit for julys rent. do we still need to move?

Answer 1

Depending on Nevada's laws, you, the LL, and the bank are bound to the lease agreement.

LL can ask all they want, but you do not have to move. You do still have to pay the rent or your will be evicted. You must pay the  legal owner of the house. So make sure who owns the house before you pay them.

It was not a smart move to use your security deposit as rent. What happens if the new owner claims damage? You will be responsible!

I would continue to live there, pay rent, actively look for a new place, then once you find a new place, contact the new owner and offer to move immediately for a incentive payment of $1000. (Do not tell them about the new place).

Answer 2

No way you have a lease you dont move out till you are told to by the bank, stop paying rent, find somewhere else to move to, you will be giving time, not your fault your landlord was an absolute moron for not paying their mortgage.

Save the money you normally would use for rent and use it for a new apartment.

If I were you.

Let them use the security deposit, but live in the house rent free for 6 months, find somewhere else to move to otherwise.

I hate lousy losers, landlords in fact who take out a mortgage knowing dam well they cant pay, and they should of got a fixed rate.

I brought a house and its not easy in general, but I can afford the mortgage, typical of subprime and not fixed rate loan rates by unscrupoulous lenders.

get out while u can

Answer 3

of course your going to have to move since the bank is going to take the house since they were not paying the mortgage they might not even know that its even being rented

Answer 4

YES.  You unfortunately have gotten yourself into a situation that is only going to go from bad to worse.  The house is going to be sold out from under you.  If you're in the market to buy the house, you might want to talk to the lender and explain the situation to them.  They may have a special program allowing you to take over the house or something similar.  They do not want to have the house foreclose.  It is an expensive endeavor for the lender, and they would be motivated to work with you.  If the payment is near what you're paying in rent, why not go for it?  The value of the house will go up - it's almost guaranteed.