Foreclosure in 85041>Question Details

Yolanda, Other/Just Looking in Phoenix, AZ

Renting a home through a program and they pay the owner for me but yesterday there was a notice of trustees

Asked by Yolanda, Phoenix, AZ Sat Aug 30, 2008

sale on my door and the bid date is on 9/26/08 @2:00 what should I do should I be looking for another place to live ?do I pay my rent for this month? I did not know this houes was in any default, I have lived here only 4 months Thanks Yolanda

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Yolanda,

It looks like the landlord was not completely honest to you. First step you should do is to call him to get more information. You need to start looking for a new property, since after the auction date the property will no longer belong to your current landlord.

Most probably you have a security deposit or paid for the last month in advance, discuss using that as September's payment with your landlord. When you leave keep the property in good condition so the landlord can return you the rest of the deposit and to help with the foreclosure sale.

Good luck!
1 vote Thank Flag Link Sat Aug 30, 2008
I agree with my colleagues, you need to try to find out if you can get any of your deposits back and start looking for another place to live RIGHT NOW. This is just another example of why the "rent to own" process is a dangerous one as well. As a renter, you have no control over your landlord's finances and ability to remain current on the mortgage. If it is at all possible you should try to find a place that you can purchase within your budget. There still are some programs available where you can get into a house with little money down. If you would like the names of some good lenders just let me know. I would be happy to help.

Todd Lee
Web Reference: http://www.TLeeRealty.com
0 votes Thank Flag Link Sat Aug 30, 2008
Your situation is very common these days. Continue to pay your rent. I would check to see who holds your deposits. If the owner does, it may be difficult for you to recover any deposits if the owner decides to let the property go to trustee sale. Contact the trustee listed on the notice and stay in touch with them to see if the sale gets canceled, postponed, or actually takes place. If the sale takes place on the 26th and no third party bids on it, the bank will become the new owner. Either way, your lease will no longer be valid and you will be asked to leave the property or become evicted. You may want to just work on giving your notice to move out and find another home to rent as well as try and recover any deposits you have.

Good luck!
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Sat Aug 30, 2008
Yolanda,

I would be prepared to pay your rent however you need to know that you will be recieving your deposit back . Negotiate with the leasing company and let them know what just happened. They may not even know. You also need to protect your credit so make sure you have all the facts and get everything documented.. Leave the home in good condition!

Feel free to contact me if you have any questions!
0 votes Thank Flag Link Sat Aug 30, 2008
Put in your 30 day notice in writing right away and start looking for another place to live.
Web Reference: http://www.TeamKearney.com
0 votes Thank Flag Link Sat Aug 30, 2008
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