Rentals in Reedville>Question Details

Hj, Renter in Reedville, TX

I am acurrent tenant with a wife and five kids. I just received a letter from a lawyer on our door stating a foreclosure and public auction.

Asked by Hj, Reedville, TX Tue Mar 8, 2011

will take place on 5/13/2011. how far gone is this home ? and how long till I should get my family out of here ?

Help the community by answering this question:

Answers

5
Hj,

Every state has laws regarding tenant rights. I suggest you look up or google them for your area to see what legal recourse you may have. There may even be the possibility that you can stay in the home and may need to make your rent payment to the bank at some point if the home does foreclose. Banks sometimes offer cash for keys to tenants who surrender the keys and leave the home in good condition.

The landlord/owner was obligated to make payments of the mortgage and even though he/she did not do that you still have an obligation to honor your rental agreement and make your rent payment. With that being said -- find out if your deposits are going to be returned to you by the landlord. If it looks hopeless you can pursue the landlord in small claims court. It's not a fun scenario to be in but, I'm sure you'll make the best personal choice as to what is best for your family as moving a large family will take some time and cash.

Good luck to you,

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
Web Reference: http://homesales411.com
1 vote Thank Flag Link Tue Mar 8, 2011
Find out what your rights are as a tenant, either by contacting an attorney familiar with landlord tenant law or your State Department of Community Affairs. Also, talk to the owner, it is possible he is trying to modify the mortgage and the bank may delay the foreclosure sale date in order to work something out with him. Most important, try not to panic. It's important to know all the facts in any given situation before taking any action that may negatively impact you and your family.

Good Luck!
0 votes Thank Flag Link Wed Mar 9, 2011
Hj:

As stated earlier Michigan has a 6 month redemption period after a foreclosure. If the auction takes place on May 13th you would have until November 13th. I would contact the Attorney who posted the letter and ask what your options are. If you are under a lease and have a security deposit you will need to talk to your landlord and find out if they are going to refund the deposit.

If I can be of any further assistance do not hesitate to contact me.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Tue Mar 8, 2011
"HJ,"

Are you in communication with the owner of the home at all? Did this come as suprise to you?

You may want to consult with an attorney to best understand your options. I can tell you that Michigan has a 6 month redemption period for a single family home in a suburb as long as it is not abandoned, so you may want to plan on doing something by fall at the latest ... but again, you should consult with an attorney.

Would you like to explore your options to purchase and take advantage of this fantastic buyer environment?
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Tue Mar 8, 2011
If the auction is on 5.13 COULD means property owner and bank could not resolve outstanding debt owed. Recommend communicate with attorney office who provided you notice, property owner. However I would recommend to start looking

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Mar 8, 2011
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