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Kristin, Other/Just Looking in Glendale, AZ

I AM A TENNANT THAT LIVES IN THIS HOME AND I WAS WONDERING WHAT I NEEDED TO DO?

Asked by Kristin, Glendale, AZ Fri Jan 23, 2009

WE HAVE NOT BEEN BEEN ABLE TO CONTACT THE OWNER AND WASNT SURE HOW LONG WE HAD UNTIL WE OR IF WE NEE TO MOVE OUT

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This question is about this property: http://www.trulia.com/foreclosure/2003343533--W-Gardenia-Ave…

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Sorry to hear this assuming home is now in foreclosure? Send a certified return receipt where you forward monthly rental payments. The bank will contact resident of home however if all is true best start searching for another home your time could be limited.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 23, 2009
Kristin, when the property goes back to the bank the REO listing agent will do an occupancy check. If there is someone still living at the property a "cash for keys" is often offered. The amount could be anywhere from $500 to $2,000 with an average of around $1,000.

Your Auction Date is scheduled for March 2, 2009 and is being performed by
Trustee: CALIFORNIA RECONVEYANCE Phone # (714) 573-1965 Sale ID: 129506AZ

You do need to immediately start looking for a place to rent or purchase (3.5% down payment for FHA Loans). It is often more affordable to BUY right now then RENT if you can afford the down payment.
I live and work in your area. If you need help feel free to contact me via my website below.
Web Reference: http://www.TheKeysTeam.com
0 votes Thank Flag Link Fri Jan 23, 2009
Kristin, I just want to add to James comment. Fannie Mae does indeed have plans to allow tenants to remain in the property after foreclosure, but there will be at least 2 caveats:

1. You will be on a month-to-month tenancy until the property is sold; and

2. You will have to be willing to allow prospective buyers to tour the property until it is sold.

Here's a little more info for as well: http://activerain.com/blogsview/882614/Fannie-Mae-Nations-La…

Once again, all the best to you!

...randy
0 votes Thank Flag Link Fri Jan 23, 2009
I'm sorry to hear about your unfortunate situation!

What you can do is be proactive and start a search for your next place of residence. However, until the trustee sale date, you should contact the trustee for updates on the status of the sale, some sales will postpone and you will not need to vacate immediately, but will still need to continuing paying your rent.

If the foreclosing lender is Fannie Mae or Freddit Mac backed, they will soon be contacting tenants and negotiating a new lease with them if the property reverts back to the lender. I don't know if this is in place and happening yet , but it will be coming.

If a 3rd party purchases the property at the sale, then you will need to vacate ASAP to avoid an eviction and forcable detainer served upon you.

Best of luck.
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Fri Jan 23, 2009
Hi Kristin!

I'm sorry to be the bearer of bad news, but when the house is foreclosed and is owned by the bank, whatever oral or written rental agreement you had with the former owner will be null and void. And as already stated, your only recourse will be to vacate the premises. You should get some notice,but it won't be much. If I were you, I would rather be proactive and find anew home BEFORE I'm forced to do so. If we can help in any way, just click on the below link and you'll be able to find all of my contact points.

Best of luck to you!

...randy
0 votes Thank Flag Link Fri Jan 23, 2009
Hi Kristin,

You won't be forced out right away, but if the home is foreclosed on you will be served to vacate. What you need to start doing is start searching for a home to rent or purchase and don't delay.

Shout if you need help,

Stew Keene
Ph (480) 220-7491
Fax (866) 711-8573
StewKeene@yahoo.com
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
0 votes Thank Flag Link Fri Jan 23, 2009
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