Foreclosure in 33140>Question Details

Duke2, Other/Just Looking in 33140

I currently rent a condo that I know the owner has it up for a shortsale. Should I still be paying him rent?

Asked by Duke2, 33140 Tue Jun 30, 2009

even though I know he is not paying his mortgage?

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Answers

11
Irina Karan’s answer
Hello Duke,

You are obligated to pay your rent, as your lease is binding.
The owner not paying his mortgage is between him and the bank that the mortgage is with (the owner should not be receiving money and not paying anything to the bank).

For your sake, I hope that the owner will be paying his maintenance fees (and maybe the taxes also), because, if he is not, the association may cut your access to the amenities and can have you start paying them instead of the owner.

I agree that consulting a real estate attorney is very good.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Mon Apr 30, 2012
You have an agreement with the owner if signed a lease. Yes you should continue to pay your rent. Review your lease document and contact an attorney for further information about your options. The property owner has an agreement with his lender and that has nothing to do with your agreement with the owner. If you want to break your lease review your lease and talk to your landlord.

All the best,

Gary Geer

http://www.ggeer.illinoisproperty.com
1 vote Thank Flag Link Mon Apr 9, 2012
Yes...you are still obligated to pay rent..he is making a good choice by short selling it. If you don't like being there, get his approval to be released from the lease and move out.
0 votes Thank Flag Link Mon Apr 9, 2012
Contact legal advisor. Questions are, do you have a lease,has he stated that their is a leasee, what does the bank say about their being a leasee
0 votes Thank Flag Link Mon Apr 9, 2012
Contact an Attorney to find out your rights in this situation. GOOD LUCK!! :)

NP
0 votes Thank Flag Link Mon Apr 9, 2012
NO! By not making payments to the landlord as contractually bound, you lose protection for things like...being thrown out by the new owner, including a the bank after it forcloses. Ask the landlord to re-negotiate your lease and payment amount, in the event of a sale, your lease will supercede the new buyer. SAVE some$$$ with an extended lease that will be honored in the event of a sale.

All the Best,

Naomi Preston
Web Reference: http://www.naomipreston.com
0 votes Thank Flag Link Mon Apr 9, 2012
Absolutely! The owner/landlord has the right to sell his/her home with a tenant in place. That means that when he sells it, the new owner will become your landlord, unless the parties negotiate a deal with you to have your leave the premises, but that will be your choice.
The owner's financial information should not concern you.
Have you thought about buying it? If it is on short sales, price should be affordable. Just an idea...

Good luck

Gisele Zachar-Nashelsky
Real Estate Broker Associate
Licensed in NY and FL
facebook.com/sellinginmiamibygisele
0 votes Thank Flag Link Tue Mar 27, 2012
Duke,

I would also recommend keeping the lines of communication open with your landlord. If he can't sell and is going to be foreclosed upon, you'll want as much notice as you can get to find another place. If he does sell, know that your lease will still be in place with the new owner (unless they negotiate something different with you directly).

Diane Loveridge
Majestic Properties
dloveridge@majesticproperties.com
0 votes Thank Flag Link Wed Jul 1, 2009
YES, he still owns the house and is trying to sell it, that doesn't mean you should stop paying him. He can evict you for not paying your rent then you will risk screwing up your credit. You could give him a notice to vacate and see if that is ok with him.
0 votes Thank Flag Link Tue Jun 30, 2009
I agree with the previous answer posted by Joel. You should be paying the rent- it may be possible to pay the rent to the court registry or to the condo association- insted of to the landlord. There is a possibility that the owner will modify the loan, or somehow retain the property.

It has become very common in condo associations- to have the landlord and tenant sign an addendum to leases that allows for the association to collect rent in the event that the owner is behind in maintenance payments.
0 votes Thank Flag Link Tue Jun 30, 2009
Yes you should. He still owns it. If you have a rental or lease agreement you are obligated legally to comply with it. You are obligated ethically and morally even if your agreement is not in writing.

Don't be confused by the fact that he is trying to sell the property with a short sale. That simply means he owes more on his mortgage than the current market value of the property. It doesn't mean that he has lost it to the bank.

It is no different than if he owned the condo free and clear and was trying to sell it.

As far as you and any other tenants are concerned, nothing has changed.
0 votes Thank Flag Link Tue Jun 30, 2009
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