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,
Realtor, GRI, CSSN
John Hall & Associates
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.
Karen Paytas, GRI, CMS
Real Living Kee Realty
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.
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Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors