Property Q&A in 76207>Question Details

Brenda Brews…, Other/Just Looking in 3156 Lido Way Denton...

may we keep renting this house even if it was sold on the court house square?

Asked by Brenda Brewster, 3156 Lido Way Denton Tx 76207 Mon Oct 13, 2008

Unknown to us, our land lady has let this property foreclose. We are very interested in being allowed to stay. Could someone please call or email me any information to help.
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This question is about this property: http://www.trulia.com/homes/Texas/Denton/sold/266144-3156-Li…

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Let's set the record straight... Lynn and Scott have the correct answer whereas Jay and Bruce are incorrect (sorry guys).

If the property goes back to the bank the tenant will have to leave (by choice or force). If a 3rd party investor picks up the property the tenant could try to negotiate a new lease but it's ultimately the decision of that new owner.

It is interesting to note that some courts across the nation are halting all eviction proceedings of tenant-occupied properties after foreclosure. Great for the tenants since they were most likely keeping their end of the lease in good standing but not so good for banks or investors who don't wish to be landlords.

Regardless, the tenants lose when the property is foreclosed. Security deposit... forget about it! Your only recourse is to sue the landlord but I doubt that will get you anywhere.
0 votes Thank Flag Link Tue Oct 21, 2008
If your home was foreclosed on the bank will have you vacate the property,. the bank does not allow anyone to stay in teh property after the foreclosure. An assett manager will be assigned who will start the eviction procedure. You can ask them for a cash for keys agreement where they will allow you 30 days to move out, they will pay you anywhere from $500 to $1500 if you leave the property free of any personal property and with no dfamage. this is going to be the only way to at least get something to assist you in your move, if you fight the eviction, you will not receive anything.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 13, 2008
Perhaps I am reading your question too literally. But, usually when someone says they "bought a house on the court house steps/square," this is because of property taxes, or a city utilities lien not being paid, and the county is selling the property to have them paid. I seriously doubt a bank would foreclose on a property and sell it at an auction with the market the way it is, and if it has not even been listed on the market. If this is the case, a bank will NOT be contacting you, it will be your "New Landlord" If your land lady owned the home free and clear, meaning no mortgage, this is most likely the case.

But, judging from the last tax roll for the property address you referenced, she does have a mortgage, and the bank will rarely ever let this happen, because they become a junior to county taxes, and they risk losing their interest in the property over a few thousand dollars. So even if the land lady was not escrowing their taxes, the mortgage companies have a whole department who just go and make sure taxes are paid on the homes they have liens for.

So if in fact in the property you are living in was just good "ole' fashioned foreclosed" on yes there is a possibility you can do a rent back, but keep in mind you will probably not have a good lease, and your property may be on the market, meaning people going through your home who are interested buyers. If you are not getting any straight answers from your land lady, I would suggest calling, or going to the Denton County Tax Office and inquire with them, they will have record if your house has been foreclosed on too if it was done recorded a month or 2 ago. Also, if you are in a financial position, and are interested, now is the to purchase it, thank bank would love to not have to mess with it anymore either.

Good Luck.
Web Reference: http://jaymyers.net
0 votes Thank Flag Link Mon Oct 13, 2008
It is possible. When you get the eviction paperwork there will be contact info on it. Contact them ASAP and tell them you want to stay in the house and continue paying rent. Maybe you can rent from the bank for a while or the new owner.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Mon Oct 13, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
The bank will contact you or have a processor serve you paperwork to vacate the property. Many banks will pay you to leave w/o having go thru eviction process. Sorry to hear about what taken place. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Oct 13, 2008
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