Foreclosure in 60616>Question Details

jfialkowski35, Renter in 60459

My landlord had stopped paying her mortgage, but I have been paying her every math, now the bank wants me to pay them what should I do?

Asked by jfialkowski35, 60459 Tue Apr 15, 2014

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You should not have been paying the landlord, but too late for that. You should check with an attorney, but almost all banks will offer you CASH 4 you to move out so they can then sell the property. I would not pay them. It takes them 3-6mo to evict you which is why they offer you $$$ to leave.
0 votes Thank Flag Link Sun May 18, 2014
Consult with a lawyer - your lease is with the landlord.
0 votes Thank Flag Link Tue May 13, 2014
It's likely the previous owners lender will give you 3 options:

1) Enter into some sort of lease agreement with them
2) Accept cash for keys (this is where they give you money to move out by a certain date)
3) Wait to be evicted
0 votes Thank Flag Link Wed Apr 16, 2014
1)It's not likely they will want you to enter into any lease agreement if this is a single family residence and, if you are already on a lease, they have to honor your existing lease. After expiration you'll simply flip to a month to month (Again...assuming its an SFR). If it's an apartment unit, they may offer you a new lease upon expiration of your old lease.
2) Assuming they offer you cash for keys, which is becoming less common as market activity increases. There is no incentive really.
3) Not a wise option considering if they have to evict you for non payment, you then have an unlawful detainer (Eviction) on your credit report. Good luck finding a place to rent after showing you've been evicted for not paying rent. The "My landlord lost their home" excuse won't fly.
Flag Wed Apr 16, 2014
If the bank owns it, pay the bank or you will be evicted. You can ask the bank for documentation showing they own it by foreclosure. You can also check for yourself as it is a matter of public record. I wouldn't waste your time contacting your landlord.
0 votes Thank Flag Link Wed Apr 16, 2014
I don't have a lease w/ the landlord nor w/ the bank! They want me to pay them instead of her, since she isn't paying her mortgage & they keep coming to my house so as of April I payed them w/ check for Aprils rent, but then was told not so don't really know what to dobut seek legal advice ty for ur help!
0 votes Thank Flag Link Wed Apr 16, 2014
I'm not a lawyer but here's my understanding of how things work. (disclaimer, you should verify with a lawyer)

When a person purchases a home their mortgage documents generally state that the lien holding bank may go after any rent a property collects if the owner doesn't pay his/her mortgage.

Even if a person isn't paying their mortgage a renter still is obligated to pay rent if the lease says so as the owner still owns the property.

Lessee's can make an argument to vacate property and cancel a lease if the landlord isn't paying their mortgage but a lessee can't stay and not pay mortgage.

There are scammers out there who may pretend to be the bank with the loan on the property so be careful not to pay rent to a scammer.

When in doubt, get a lawyer. Erik Miles at 312-854-8092 is a great one.

Have you looked into buying a place? Did you know the State of Illinois may give you $7500 to help you buy a home?

Contact me if you'd like to talk

Jeff Nobleza
0 votes Thank Flag Link Wed Apr 16, 2014
Some mortgages have clauses allowing this and some states have laws regarding it. You should check with your local housing advocacy organization to find out about the laws in your area.
0 votes Thank Flag Link Wed Apr 16, 2014
@bm new home, they are telling me to continue to pay them not my landlord since she hasn't b4 they processed a court process for the property, I've already paided them this month, then was told I wasn't suppose to, but my landlord hasn't responded to me!!
0 votes Thank Flag Link Wed Apr 16, 2014
you should only pay the bank if the house is foreclosed on...and maybe you can buy it from the bank for a good deal.
0 votes Thank Flag Link Tue Apr 15, 2014
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