Foreclosure in Chicago>Question Details

Cmba2012, Home Buyer in Chicago, IL

My landlord has defaulted on his mortgage and the lender has reached out to me should I continue to pay rent of he is being foreclosed?

Asked by Cmba2012, Chicago, IL Thu Oct 3, 2013

Help the community by answering this question:

Answers

15
What did the lender tell you?

Have the asked you to continue paying rent until the lease is up?
Have they offered you cash to move out ASAP?
1 vote Thank Flag Link Fri Oct 4, 2013
Make plans to move elsewhere - it sounds like eventually you will be asked to leave either when the lease is up or when the bank takes possession.
Flag Fri Oct 4, 2013
They have sent a couple letters we finally opened one after the water company posted on property and the landlord began to be a bit standoffish. The letter is asking who is in the property
Flag Fri Oct 4, 2013
Odd that the lender would contact you unless the foreclosure process is OVER and the bank now is the new owner!! WHat did the lender say to you?? Check with an attorney to see if the foreclosure process is over. The cost is worth it so that you might stop paying rent. If so you do NOT need to pay rent to the old owner. The owner is now the bank and they rarely ever ask for rent. In fact they often want you to more out before they try to sell the property and offer you Cash 4 Keys. They will give you money to move out fast.
1 vote Thank Flag Link Fri Oct 4, 2013
Give a call to Jim Schultz at 773 680 7426
0 votes Thank Flag Link Tue Oct 8, 2013
you have to pay the rent! You are in the contract with the owner!
0 votes Thank Flag Link Fri Oct 4, 2013
Dear Renter,

We are not allowed to give legal advice. But as I have rented a ton of apartments her is the facts. Your contract/lease is with the landlord. Until such time you the bank gains possession of the unit and an agent for the bank contacts you must continue to pay the landlord or the landlord can evict for non-payment.

I hope this helps. You should also consult with an attorney.
0 votes Thank Flag Link Fri Oct 4, 2013
unless you want to be evicted and a judgment made on your record.. you have a lease you have to honor and that is the end of the story
0 votes Thank Flag Link Fri Oct 4, 2013
Technically if you have a lease and are still living there you have to pay the rent or risk eviction. Until the foreclosure he is still the owner. But I would start fimding a new place to live either way. ASAP.
0 votes Thank Flag Link Fri Oct 4, 2013
You should seek the advice of a local attorney as it depends what your state law says. Different states have different protections. You could be paying them and they are not paying teh bank. As well if you stop paying and they catch up or make a deal, you can be evicted. if it gets foreclosed, you could be evicted as well. It is not an easy position to be in.
0 votes Thank Flag Link Fri Oct 4, 2013
Odd that the lender would contact you unless the foreclosure process is OVER and the bank now is the new owner!! WHat did the lender say to you?? Check with an attorney to see if the foreclosure process is over. The cost is worth it so that you might stop paying rent. If so you do NOT need to pay rent to the old owner. The owner is now the bank and they rarely ever ask for rent. In fact they often want you to more out before they try to sell the property and offer you Cash 4 Keys. They will give you money to move out fast.
0 votes Thank Flag Link Fri Oct 4, 2013
If you got a lease, then yes, you are bound to continue on it.
0 votes Thank Flag Link Thu Oct 3, 2013
Yes , you should keep paying , or you can be evited , plus for a new rent you will need the info of you ex landlord and you dont want him bad info about you
0 votes Thank Flag Link Thu Oct 3, 2013
yes. you signed a lease and you should stick with it.
0 votes Thank Flag Link Thu Oct 3, 2013
Don't ask such an important question on this site. Your landlord's delinquency will have a great effect on your life. Seek legal advise from an attorney who concentrates on real estate matters.
0 votes Thank Flag Link Thu Oct 3, 2013
Your agreement with the landlord has nothing to do with your landlord's mortgage default. Until such time as legal ownership changes, you owe the rent to the present landlord. If you don't pay you may be evicted which may impact your credit.

The lender may offer you moving money once the property is foreclosed on. Google tenants rights in foreclosure to find out what your rights are if you have a one-year lease or are month to month.
0 votes Thank Flag Link Thu Oct 3, 2013
Absolutely! Unless you want to be evicted. Owner can still evict you for not paying rent. His delinquency has nothing to do with you.
0 votes Thank Flag Link Thu Oct 3, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer