The Condo that I live in is being foreclosed ?

Question

I don't own it though. My boyfriend and I pay rent to the Manger of the development. The man that owns it skipped town. We got served as jane doe and john doe on June 7th. What should we do? We are so desperate. We've been looking for houses for rent and other Condos but they require so much money.... I don't know what to do.

Answer 1

Maybe find out who holds the mortgage on the condo and ask them if you can pay them rent until they find a buyer.  It could help the bank sell the property to an investor if they can tell the potential buyer that the condo already has a renter in it, because it means immediate rental income to the buyer, and without the need to paint or do other work to get it ready to show to prospective renters. So if you are willing to sign a lease with the bank, then maybe they'll let you continue to live there and they can sell more easily to an investor.

Worth a try!