The house I rent is being foreclosed, What do I do?

Question

I am a renter, the house I live in is being foreclosed. what are my rights as a renter??

Answer 1

You have the right to move out.

Answer 2

I probably shouldn't be telling you this but...It will most likely be quite a while before the foreclosure auction actually takes place.  Some might suggest to stay as long as possible and not pay rent.  Obviously your landlord isn't paying his bills, so why should you.  I am not telling you to not pay rent and hang in there for potentially many rent free months, but I am sure some people may recommend that. Consider visiting http://www.shortsaleway.com/loss-mitigat...

Answer 3

You don't have any rights, unfortunately.  But, you can contact the mortgage company that holds the mortgage and if you can show them proof that you have made the payments on time, you might be able to take the mortgage over.  Then you would be a home owner instead of a renter.

Answer 4

In rare instances, the bank will rent to you...But usually don't as they are not in the LL business

Answer 5

I would say you have none. If the guy who rented it to you can't afford to continue to pay for the property and the bank foreclosed on it...You might think about finding a new place to live.

Nothing is guaranteed but death and taxes.

Answer 6

I suggest you tell this to the owner.There are actually companies that will

work with you for free to buy your mortgage away from your mortgage

company and avoid your foreclosure. I would advise looking into this first.

Try http://www.speedyrealestate.info. Good luck!

Answer 7

You still have a lease.  The bank will not kick you out, because they need the income on the property.  They still have to fix things that don't work.  They may try to have you do a new lease, but until they sell it to a new owner, you don't have to sign one.  But -- just so you know -- you will never get your deposit back when you move out.  The old owner has that.

Answer 8

You will have no rights once the unit is foreclosed on. The lease will be null and void. The bank May allow you to fulfill your lease.. but that is a big Maybe.