Foreclosure Notices Received at the Rental Property

Kay
Other/Just Looking
Stafford, VA

We have forwarded the notices on to the Owner with our own letter wanting to know what was going on and if the house is truly going into Foreclosure as we would like the "heads up" to find another rental. We have been scanning the local newspaper for "Foreclosure Auctions" making sure that the "Address" where we live does not "pop" up. If so, we will need to find another rental, as we are not in the position to buy a house at this time. We are willing to contact the Owner again and state that we are "holding" our rent money until the Owner provides written proof that the mortgage is in good standing and continue our lease agreement. We do understand that he can expect a "late payment penalty" if the Rent isn't paid on time, and we would hate to risk a blemish on our credit report, that is if the Owner files a report against our credit, because it could be a problem when we go to find another rental. The Owner will not return our phone calls. Please help.

Answers (3)
Bruce Lynn
Agent
Texas

If you are getting notices, likely it has already been posted.
Sounds like you have taken appropriate actions/precautions at this point.

I don't want to recommend strategy to you over the internet, but sounds like you are on the right track.

If you're not getting return phone calls, then expect the worst. You may want to contact the bank on the return address to let them know you are in possession of the the home and would like to make your rent payments directly to them if in deed they get possession of the home. If you have a deposit with the owner, chances are it is now gone, so you want to keep that in mind when negotiating with the lender.

It may be beneficial to the lender to continue to lease from you through the end of your term and give you a bonus to leave the house in good condition at the end of the lease.

I am very sorry for the situation and hope you can resolve it to your satisfaction, although it may cause you to move.

Web Reference: http://www.teamlynn.com
Mon Oct 27 2008, 09:43
Scott Godzyk
Agent
New Hampshire

Just by the reaction of not calling you,l you should assume he is still in foreclosure. you may want to hold the rent until he replys to you, but make sure you do put it aside because if he pays up and gets out of foreclosure, you want to make sure you have the rent. most private landlords do not belong to the credit reporting bureau as it costs money to join and report to them good luck with working things out.

Mon Oct 27 2008, 09:18
Irena Popilevsky
Agent
Staten Island, NY
FIRST ANSWER

The owner is probebly ashamed to speak with you regarding this matter or anyone else for this matter. But it's not an excuse for you not to pay the rent. Try to get in touch with your landlord. I would also reccomend to contact a real estate attorney for advise.

Mon Oct 27 2008, 09:00

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