Foreclosure in 34638>Question Details

Carla, Home Buyer in Langley Air Force Base...

i am renting a house that is being forclosed, what do i do

Asked by Carla, Langley Air Force Base, VA Sun Jun 29, 2008

father is wanting to buy this house that is in foreclosure.

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6
The 2007 Mortgage Reform Act contains a cloause that requires lenders who forelcose on homes to honor existing rental agreements.

You will want to have proof you are current on your rent in hand such as cancelled checks for the past year... just in case the bank asks to prove you're current (if not, they could possibly evict based on that)

If it is the owner's father wanting to buy the house... fat chance unless it's a cash deal or hard money loan with 40% down or more. Foreclosure bail out loans to family members are extremely risky to lenders. Few will be interested regardless of the father's qualifications.

If it's your father, get a real estate agent ASAP and a lender. You'll need a knowledgable professional to negotiate with the bank if the foreclosure goes through or to facilitate a short sale to you.
1 vote Thank Flag Link Mon Jun 30, 2008
0 votes Thank Flag Link Wed May 19, 2010
Contact an attorney to sort out your situation. Also, contact a Realtor to assist your father in making an offer on the home. you may contact me at loumol@coldwellbanker.com
0 votes Thank Flag Link Mon Jun 30, 2008
At what stage of foreclosure?

Is the property listed for sale? If the sellers received a notice of default, your father (I'm assuming it's yours?) have your realtor submit an offer on your father's behalf. Please don't try this on your own. It is a very involved process, and you need someone who is on your side doing this for you,

Once a house is foreclosed, there will a notice of eviction that gives the tenant approximately 2 weeks or so to vacate the premises from the date of foreclosure. Depending on the foreclosure practice in your area, sometimes the new owner may have the locks changed, or put outside any personal belongings left in the property. Who needs the headache?
0 votes Thank Flag Link Sun Jun 29, 2008
Here are some basic tips to help you pick the right foreclosure homes for sale.

* Decide on whether you'll be investing in the property and renting it or living there yourself. If you're investing, you'll want to pick properties solely on the basis of their value and their potential for profit and marketability. If you're buying a new home for your family, practicality should be your main concern, and then choose homes that offer good values among those that suit your needs.
* Research the market in the areas you plan to buy in. Is property there currently in demand? Will this trend continue over the next few years? Rate the area around the property, including the school systems, crime rate and other indicators of a neighborhood's health. Buying a home in a better area usually means it will appreciate faster and be of more value.
* Calculate all costs associated with buying the home and factor them into your decisions on whether or not to pursue. If a home need significant repairs, you have to be sure that the money you spend on them won't counteract the savings you stand to make by buying the foreclosure. Factor in everything, from legal fees to closing costs.

If you want further assistance, you may visit the Housing Assistance Network website
0 votes Thank Flag Link Sun Jun 29, 2008
Your father wants to buy the home?...or the owners father?

Can you purchase the home?

start looking for another place to live just in case you need it (better safe than sorry)

Call your landlord and try to negotiate a HUGE rent reduction in exchange for you not moving out right away (evidently he's not paying the mortgage with it...and I guarantee he'd rather have a good tenant paying than an empty apartment he's trying to rent with no money coming in)

These are just my random "brainstorming" thoughts...take them with a grain of salt.

if I can be of any further assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!

Thanks,

-Josh
0 votes Thank Flag Link Sun Jun 29, 2008
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