You are protected under the tenant foreclosure act but , you need to be in contact with the bank and/or the attorney. Showing that you are on a month-to-month lease ,your payment record and your willingness to purchase may stop the foreclosurer. In some cases the bank will give you a lease and may work with you on the purchase .
I have several cases where the tenant was able to get a new lease and help with purchasing. I would be happy to assist you in obtaining further info . HAVE A GREAT DAY!!!
If the house is scheduled for foreclosure, you should find out when the foreclosure sale is and you are free to place a bid. However, you must be able to pay the purchase price almost immediately. There is little time for you to go through the underwriting process required when obtaining a mortgage loan.
If the home is foreclosed on, there is legislation known as the Protecting Tenants at Foreclosure Act of 2009, which will protect your rights to live in the property until your lease expires. If you are on a month to month, you are allowed to remain in the home for 90 days from the date of the foreclosure sale. So, you may have an opportunity to purchase the property from the new owner, which in most foreclosure cases is the bank, during this protected period.
ased on month to month lease you may get 30 days before you have to move Plan C - be ready to move on short notice. Being proactive is the key to getting what you want out of this situation. I hope it all works out for you.