General Area in 94544>Question Details

Jason, Both Buyer and Seller in 94544

what happens when the owner foreclose on a property that's currently being rented and paid 6mos ahead?

Asked by Jason, 94544 Sat Aug 23, 2008

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Do you know for sure the home is in foreclosure? Have you tried asking the owner for a refund? I would think small claims court is your best bet if they refuse. Good luck!
0 votes Thank Flag Link Sat Aug 23, 2008
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
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Unfortanately when the bank takes the house back they will begin eviction proceedings against you. You should get assistane to plac e a lien for the amount fo rent you paid on the house, in case it is sold at auction to someoen other than the bank you have a chance of getting paid back, if thebank takes it back the foreclosure wipes out your lien. You should also file a small claims against the owner for the amount and also contact the local police about theft by deception as you paid the rent he should have paid teh mortgage and did not. Your only other remedy is if the bank takes the property to ask for a cash for keys form in which they will pay up like $1500 to move out and you leave the place clean but at least you get something back. good luck with your tasks to secure your prepaid rent.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Aug 23, 2008
it will probably take about 6 months from the start of foreclosure process to when the bank takes it over.

Once the bank takes it over they will begin eviction proceeding which can take another 30 days to 6 months - rent free... but a major drag.
0 votes Thank Flag Link Sat Aug 23, 2008
good afternoon....if the rent is pd six months ahead, but the owner hasn't paid the mortgage..you're stuck with the exception of small claims court...or a a lawsuit...he may not be collectable if he's loosing the house.....if you can document everything as a tennant..maybe you should challenge me to get a mortgage approved for you...i am licensed in your state and 18 other ones.....bob mcclure- mortgage now- farmington, michigan (248) 974-4444.....direct cell....if you have a lot of $ wrapped up in this lease..perhaps i can cut you a deal on the closing costs....
0 votes Thank Flag Link Sat Aug 23, 2008
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