Foreclosure in Albuquerque>Question Details

Victor Alvar…, Renter in Edmond, OK

What are my rights under the law now that the house I've been renting has been sold at the courthouse steps?

Asked by Victor Alvarez, Edmond, OK Mon Feb 18, 2013

My wife and I have been living in this house for ten years and the landlord has lost it to foreclosure. The house was purchased by the mortgage company on the 7th of Feb 2013 and now we have no clue what to do?

Help the community by answering this question:

Answers

5
Hi Victor,

I strongly recommend obtaining legal advice from a qualified attorney regarding this matter.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Mon Feb 18, 2013
Victor, You have rights that run in many directions, but answering your question requires knowing which direction you want to move. Do you want to continue renting that property, buy it, sue the old landlord for breach of contract, sue a property manager, make a claim within the foreclosure proceeding, file an insurance claim, and so on.

Most foreclosures require a court order approving the sale and a thirty day redemption period from the date of that order. Depending on whether you were named in the foreclosure, another legal proceeding may be required to disposes you of your quarters. There are a lot of unknowns in your situation. Get together with a real estate expert and you might learn something that will change the course of your life.
0 votes Thank Flag Link Mon Feb 18, 2013
Thank you so much for responding so quickly. The direction we are trying to go is to move yet we cannot since everytime we apply to an apartment complex we are turned down because the landlord of this property is talking us down. We really do not know what to do sice we do not have the oney to hire an attorney and this landlord is a real estate agent himself. He lost the property on his own negligence and yet we are paying the price. Would you have any guidance as to what we could do. Again, Thank You so much!
Flag Mon Feb 18, 2013
If you have a lease, the mortgage company will have to honor the remainder of it. They will not want you there, however, and may even offer you an incentive to leave early. I would do two things immediately: 1) start looking for a new place to live, and 2) call the mortgage company and talk with them about your situation to learn their position and intentions. That may be harder to do than you might think. They don't make it easy to find the right person to talk to. If you can locate your old landlord, maybe he can provide a number and a name to call about this. But eventually they will seek you out.
0 votes Thank Flag Link Mon Feb 18, 2013
Start looking for a new place. You may reach out to the lender and probably make an arrangement to continue renting for a short time but were I you I would starting looking for a new place to rent or buy now. As a tenant you have no legal rights at this point the foreclosure was between the property owner and the lender. Perhaps you might consider buying the home.
0 votes Thank Flag Link Mon Feb 18, 2013
Unfortunately, you don't have many rights now that your landlord has lost his rights to the property. You can get in touch with the lender/owner right away and work out a new lease arrangement. If you don't have their contact info, you may just have to wait until they contact you, but you run the risk of being evicted.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Mon Feb 18, 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