Foreclosure in Aventura>Question Details

Ingrith, Other/Just Looking in Aventura, FL

I just received notification of a foreclosure on the apartment I am renting. I've been there for 1 year

Asked by Ingrith, Aventura, FL Mon Mar 24, 2008

including 1st and last month rent, and discover the owner hasn't paid for the last 5 months, Should I stop paying, since my lease finishes next month. What steps should I tae to legally protect myself?
How much time would the bank give me to move?

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You will get 24 hours notice once the bank or an investor receives title. You should have received a summons notifying you of the foreclosure. You can track the progress with the clerk of the court. As a tenant, unfortunately, you do not have much protection. Good luck.
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0 votes Thank Flag Link Sun Sep 28, 2008
I am so sorry that you are in such a dilema - many other tenants are experiencing the same all over the country. As Realtors we can't advice you on legal matters, so a real estate attorney will be the right person to contact regarding your legal rights.

However we have been working with some banks and have had to deliver such bad news to other tenants. The reality is that you will most likely lose your deposits. If it was me, I probably would stop paying the landlord and try to live out my deposit while I am looking for another place to rent.

If you have not received a formal notice to vacate, you have some time. I can't speak for every bank or every company, but I can tell you the procedures followed by the institutions we work with.

You will receive a first notice that the property has been foreclosed. First you should ask for identification from the person delivering the notice. Ask for written notice that he/she is authorized to act on behalf of the foreclosing lender. Then ask for written proof that the property was foreclosed. Ask for all these actions individually - this will buy you time. If you are dealing with an experienced agent, he/she will bring everything at one time, but sometimes you get a green agent and you may have him/her going back and forth for a couple of weeks.

Once it is official that the property is foreclosed, you will likely receive a cash for keys offer. The bank wants you to vacate volutarily, so they may offer you $500 to give up the keys and leave the apartment clean. You can negotiate that amount - the most I've heard anyone get is $1500 for a larger family. The banks will ask you to move in two weeks, but you can negotiate up to a month. Do not get angry or become agressive with the person delivering the bad news. Most agents doing this type of work want to help you and will bend over backward to assist you as long as communications remain open and amicable.

You are going to receive three offers from the bank... if you have not negotiated an exit by the third offer, the bank will start eviction proceedings. That may take 3 to 6 weeks. At this point they will not pay you anything and the next notice will be from a sheriff knocking at your door with a moving crew. They will move all your possessions to the dumpster area or public sidewalk and leave it there for others to steal or to be rained on.

What is most important in this process is the following. DO NOT IGNORE THE WARNINGS. NEGOTIATE A SETTLEMENT BY THE THIRD OFFER. TRY TO BUY TIME, but be in control by being proactive. If you ignore the situation, you will get no notice and it will cost you more and you have no recourse. The Realtor who brings you the notice is not your enemy - he/she can help you find another home very quickly. Good luck...
0 votes Thank Flag Link Fri May 16, 2008
unfortunately your rental agreement does not have anything to do with the home owners situation and you need to continue to pay your rent. Talk with the homeowner you might be in a good situation to get a reduction in rent, but be prepaird to move out. I work with pre-foreclosures so if the homeowner needs help, have him contact me, I might be able to help him avoid the foreclosure and help you stay in the apartment at a reduced rent.
Lars Kier 813-333-9930
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0 votes Thank Flag Link Mon Mar 24, 2008
I suggest that you contact the landlord/owner and express your concerns. At this point the owner may not care much about the apartment nor his/her financial situation. I've heard of this very situation over and over. You do have some time, the foreclosure process usually takes a few months to complete. On the summons there will be a contact for the lender/mortgagee (an attorney) find out what the time frame might be like from that perspective. The lender's policy may give you 30 days or more. It seems like lenders are not sitting around waiting... they are moving forward to foreclose!
0 votes Thank Flag Link Mon Mar 24, 2008
local real estate law and tenant / landlord contract law differs from state to state.
You should contact a real estate attorney before you take any action.
0 votes Thank Flag Link Mon Mar 24, 2008
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