some Good reading is at:
Ultimately, you should expect to move and if you need assistance in finding a new place,
Here are some rental sites that might help.
If you want to explore becoming a homeowner, you should look for a Realtor whose personal service includes fitting financing to each buyerâ€™s needs. We can direct our clients to variety of lenders, including jumbo loans, lock and shop, income protection and specialty financing programs in the NC/SC Greater Charlotte area. For some income and credit qualified households, there are loans for buyers with 580 FICO credit scores, not credit dependent loans, 100% financing and low and no down payment loans and options for closing cost assistance.
If the owner has informed you but you've seen nothing from a bank or lender you should receive some type of notice soon, whether it be a letter on the door, an agent knocking, or something else, but there is a process and they won't show up and lock you out. You also can negotiate moving expenses since this is not your fault or situation. I've helped friends and clients get costs to relocate including the actual move expense, funds for new deposits on new rentals and utilities. The amount isn't outrageous, but it is very helpfurl in an unexpected move.
To find out your rights I'd try the HUD or Fannie Mae hotlines - google them online. Best of luck.
First, if you can locate your current landlord, find him and get him to sign a new lease for however long you wan't to stay in the property. Because of new tenant protection laws the lease will be honored. I signed a new lease the day before the foreclosure and was able to stay 18 months after the foreclosure.
If you plan to buy a house in 18 months or so make the landlord a cash offer for the washer, dryer, fridge, stove ext. Right before foreclosure he will be very receptive to a little extra cash especially since he will be losing those items anyways. I bet you can get them for $50 each. Just make sure you right up and keep the contract.
Keep paying your rent and sit back and wait for the foreclosure notice. Once this happens the bank (most likely Fannie or Freddie) will send contact information for an agent to discuss moving out. Show them the lease you have and tell them you want to stay. They will make you a good offer to leave (2 months rent + lost security deposit). If you decline to leave, you can talk them into lowering the rent and staying through the end of your lease (thatâ€™s what I did - shoot for 15% lower rent).
If you really want to squeeze all you can out of it, delay contacting the agent they assign to sign a new lease with you. You could push it until you get an eviction notice but thatâ€™s playing with fire. Regardless, you won't be paying any rent from the date of the foreclosure until you sign a new lease with them.
Uon receiving it you can try to talk with the bank about staying in the house while they try to sell it. However; the chances are slim this will happen. But, because you are not the mortgage holder the bank will after the foreclsoure have to start an eviction of you. you will be served notice to evict and have a set amount of time to vacate the house.
The time is variable depending on where he is at in the foreclosure process.... I also want to let you know this scenario I explained to you is based on a recent experience a friend fo mine had in the same situation as you. Yours could be different. but they will give you time to get out of the house.
There have been many new laws passed to prevent abuse of tenants by landlords and Banks.
In the very worst case, you will be visited by a Real Estate Agent asking to vacate, and they will probably offer some "moving" money, which is intended to help you move quickly and without stripping the house. This can be between $1,000 and $3,000 so you will be receptive. Relax.
Good luck and may God bless
It's my understanding that the foreclosure status does not affect your lease terms. You may want to call a lender to discuss the details as to how this may work.
good luck -