Foreclosure in Washington>Question Details

Rebeccacr, Other/Just Looking in Washington

I have been informed that my landlord is going to let the house I am renting is going to into foreclosure. I am still paying rent how much time do I

Asked by Rebeccacr, Washington Thu Oct 22, 2009

have before I have to be out?

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7
It's a renters market right now, I suggest you find a new home to rent. Check out Craig’s list or a local real estate company, lots of good deals out there right now. I would also suggest before signing your next lease you get proof the mortgage is current so you don't get yourself into the same situation.

Another thought to avoid this in the future is look at buying your own home; if your able to buy now you can take advantage of the First Time buyer $8,000 tax credit (Tax Credit scheduled to end November 30th but talk of it being extended another 6 months), historically low 30 year fixed rates and many low to no down payment programs still available.
2 votes Thank Flag Link Sun Oct 25, 2009
in cal up to ninety day-depending.
1 vote Thank Flag Link Sat Oct 24, 2009
Call Kary, he's in your state and knows more about it than me, he is correct. He probably has some good resources for you, because each state is different.
The information that lenders are sending agents who list REO, including myself, clearly states that they are much more concerned with tenants who can prove they have a lease, which is why I suggested that you pay by check and not cash so you can prove that you have been living there under a lease. The lender who sold my client the home (a tenant ) for a fair price was a national lender, not an Ohio lender, so this may apply all over. Also, several major national lenders have joined initiatives to help tenants in cases like this, so please don't give up hope and be proactive. I don't know anything about your legal rights in Washington, and I hope I didn't come across as trying to offer legal advice, which I was not :-)
Good luck to you and I am sorry to hear about this problem with your home. Call your lawyer and protect yourself!
1 vote Thank Flag Link Fri Oct 23, 2009
Call the lender who has the mortgage on your home and explain that you have a lease on the property and that you have been making rental payments to the owner. Make sure you keep copies of the cancelled checks (do not pay in cash). Many of the lenders are now working with the tenant on the property and will offer a chance to buy the home to the tenant. I just had that happen on one of my bank listings- the tenant was able to purchase the home after the owner lost it in foreclosure for much less than originally stated in his lease option because it went by today's values, not what was the value when he first moved in.
1 vote Thank Flag Link Fri Oct 23, 2009
The Forclosure process can take up to 9 months, so it depends on how far into the process the banks at. I would ask your landlord...
1 vote Thank Flag Link Thu Oct 22, 2009
Why would she want to find a new home to rent if there's a possibility of a period of free rent where she is? That, and other possible outcomes need to be discussed with an attorney prior to making any decisions.

Also, checking that the landlord is not in foreclosure when you move in is prudent, but it won't ensure that this will not happen again. In fact, the landlord could be in default two or more months without a prospective tenant being able to determine through public records that they're in default.
0 votes Thank Flag Link Mon Oct 26, 2009
Real estate agents shouldn't be answering legal questions, but that's especially true of agents from other states! For example, our foreclosure process in Washington does not take 9 months. But all three answers before mine were quite frankly, bad.

Within the past year there has been both state and federal legislation that in certain situations allows a tenant to stay for much longer than the 14 days after the sale allowed under prior law. Rebeccacr should consult an attorney about their rights. For one thing, there may be the issue of the deposit to consider. For another, it's possible that there might be a period where rent does not have to be paid. That could be a very valuable right.
0 votes Thank Flag Link Fri Oct 23, 2009
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