Foreclosure in Albuquerque>Question Details

Jr, Other/Just Looking in Grand Blanc, MI

We are currently renting a home that is in foreclosure. What are our rights as renters? We just signed a year lease last July.

Asked by Jr, Grand Blanc, MI Tue Dec 8, 2009

The owner of the property tells us all he is doing is trying to refinance, and that he had to be deliquent before he could qualify. Is this possible? He is going through Bank of America. The owner lives in San Francisco Calif, we are located in Albuquerque New Mexico.

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Also, today there you can take advantage of the homebuyer tax credit for first time homebuyers and acquire your own home. You get $8,000. For more details contact me at 505-247-0507 ext 111 for more information. You can own instead of paying someone elses mortgage pay towards your own investment and become a homeowner. Good luck to you!
0 votes Thank Flag Link Thu Dec 10, 2009
A lot of mortgage companies will not refinance to someone who is late on a mortgage payment. That is not to say that there are very few who providing there is only one late payment in the last 12 months will refinance if he meets their credit requirements. As far as the lease to my understanding the lease supersedes. I have seen instances that even if the property is sold at a foreclosure auction the investor or bank might let you stay or they can also offer you a monetary incentive to move out if the new owner wants to put the property in the market to be sold. You should seek legal advise as to your rental rights from a proffesional in this field.
0 votes Thank Flag Link Thu Dec 10, 2009
You should start here: http://www.nmag.gov/office/student/renting.aspx and/or consult a real estate attorney.
If possible, you ought to take this once in a lifetime opportunity of the perfect storm of conditions for buyers and try to buy your own home. Call me to discuss this in more detail, and to determine if it is right for you. Best of luck to you!
David
0 votes Thank Flag Link Tue Dec 8, 2009
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