market and talk to his mtg company and see if it is alright, if so what would I need to do to protect myself?
This sounds very fishy to me. I would steer clear of this deal. Your probable outcome is being evicted by the bank when they take back the house.
Brandue,
Usually when someone is in short sale the home payment is not being made. That causes a delivery of notice tothe owner that the home is goung to be foreclosed on.
What ever payments have not been made they will have to be made up likely.
Be very careful here because I have seen this situation arise more and more where tennants are removed by the bank form the home after leasing.
Arizona has certain provisions by law called "Tennants Rights" that you are entitled to but I reccomend you work with an atorney or someone qualified to represent your interests and I would certainly consider a "no deposit" or "up front first and last months rent" in the event you are forced to move.
Hope this helps you...
Stew
Hello again, Brandie!
Unfortunately there's no real legal protection available in Arizona right now. I've heard that there's some pending legislation to offer some protection for tenants in the event of foreclosure, but that could take a while, if it happens at all. About the best you can do is check Maricopa County public records on a weekly basis, to make sure no notice of foreclosure has been filed.
...randy
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