help, my rental i'm in is being foreclosed on!
just found out the rental i'm in is in the process of being foreclosed on. i leased through a property management company and they don't know that i know about whats happening, but they are pushing me to buy it supposedly through short sell. we've paid 6 months of rent to pm company and owner hasn't paid any mortgage payments since end of '08. i am unsure of our rights, & i check every week in local paper for foreclosure notice but it hasn't shown up yet. i know time is running out, and i would like to buy the property but i feel that i'm getting hosed by pm and want to get a buyer's agent. one big question i have is about the large security deposit the pm company should be holding. they indicated that it would be owner's choice on whether it was refunded and could be used for down payment. is this possible and how do i go about doing it? haven't owned my own house since '03 and i don't even know where to start looking for a local mortgage broker. any suggestions?
You should contact an attorney to get clarification on your rights and options. Also, since you have not owned a home since 2003, should you buy the home, you would qualify as a first time homebuyer and would be eligible for the $8,000 tax credit. However, keep in mind that you must CLOSE by November 30th so time is certainly a factor and if the home is being sold as a short sale, you may not have that time available. There has been some rumors of the tax credit being extended, so I would talk to a real estate agent to see if that occurs. If you need a recommendation for a mortgage broker, I operate out of Loganville and could offer you some suggestions. Hope this works out for you. Good luck.
Ebenezer,
Yes, do call an attorney and ask if this would be considered an eviction by act of law BEFORE you pay another month's rent. If you haven't owned a home in three years, you are a first time home buyer and their are lots of options for you, provided you have at least a 600 score. Read the blog below for details and let me know how things pan out.
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Consultant - Keller Williams Realty Atlanta Partners
(678) 775-2677
I would contact an attorney as soon as possible.
If you would like a recommendation I would be glad to supply you with someone who could assist you with protecting your rights and your money that has been invested.
James Dudley
ERA Sunrise Realty
678-781-7418
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