Foreclosure in 11720>Question Details

Bambi, Renter in 11720

I've leased a single family home for 3 years. Landlord pocketed rent; house went to foreclosure & bank now owns house. What are my rights?

Asked by Bambi, 11720 Fri Sep 10, 2010

If my lease ends on November 1st, 2010, when will I have to move. Trying to purchase the home and clean up credit score. Stopped paying rent last April-do we owe the bank the rent?

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Answers

6
You will be contacted by the bank's attorney or agent. They will likely offer you cash to move or you may have the right to stay and pay rent to the bank, as long as you agree to cooperate with showings when they put it on the market. If they price it well, you will be inundated with appointments to show the house. As soon as the banks hear from an agent that you didn't allow a showing, they will start eviction proceeding. I recommend you take the cash and move out. But for now, sit tight. Someone will come around and leave something on your door if you're not home. Won't be long.
1 vote Thank Flag Link Mon Sep 26, 2011
This is a difficult situation. You only have one way to go is moving out. It is better to seek a real estate attorney for help to see if you could get some moving fee from the bank. Now, bank is the owner.
0 votes Thank Flag Link Sun Dec 16, 2012
I agree with Ed and the upcoming procedures related to the house. I've been involved in many REO situations and this is typically what happens. As this time and in my opinion I do not see where you owe the bank anything. Hopefully you would have managed to put away some money from not paying rent for 5 months. You said you were trying to purchase the home, please let us know how this works out. Good luck!
0 votes Thank Flag Link Mon Sep 26, 2011
I completely agree with Anna on this one... i would also advise for you to consult with an attorney immediately and that way you can get the guidance you need in order to make the right decision.
0 votes Thank Flag Link Sun Sep 25, 2011
As for any legal rights you may have-- your best source of information is an attorney who specializes in real estate, consider a consultation.
0 votes Thank Flag Link Fri Sep 10, 2010
You don't have any rights in this situation. You rented a home that is now not owned by the homeowner. I would contact the bank or a real estate attorney.
0 votes Thank Flag Link Fri Sep 10, 2010
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