Second the lender on the property will not talk to you about the loan without a letter of permission from the person that signed the note.
Third talk to the property owner and ask them to show you proof that they are current on their payments.
Forth month to month is a legal form leasing follow the rules and regulations that YOU need to.
IF the owner can not provide you with proof that they are current or have worked out something with their lender you may want to come up with a plan of action to move or if you are so inclined to purchase the property.
Above all talk to the owner some people in this world just like to stir up trouble.
a) Contact landlord obtain his comments
b) If landlord cant work it out with lender you need an amendment to lease signed by both parties release you from any financial obligations
c) If foreclosed lender will forward notice SOME WILL PAY "cash for keys" than do eviction process allow you xx days move.
d) Your time is limited best to resolve all these issues ASAP
Dallas Real Estate Agent, Mortgage Loan Officer, Credit repair consultant
â€“ Lynn A. Crosby
How was it that came to your door? Realtor? Collection agent? Process server? Someone who just comes to your door may or may not have accurate information on payments.
The first thing that happens when anyone is delinquent on payments is a "Notice of Default" usually when the owner is three months behind on payments. That starts a chain of events that may take many months, or might be more like 3-4 months after that at which point the house might be sold.
You are entitled to 60 days notice. Whether you would get that depends on lots of people acting correctly.
If you can provide your address, I can possibly find who the lender is and then you'd at least be able to try to contact them to find out the real payment status.
Dealing with banks on a very regular basis, I can say that the lender will in fact send a hired representative to the subject property to confirm that the home is either vacant or occupied, if occupied, by whom. If the property is occupied by a tenant (you are the renter) an offer from the lender that we refer to as â€œCASH FOR KEYSâ€ will be made. The lender will make every attempt to accommodate the renter, and agree to a move out date in exchange for monetary compensation. An agreement will be drawn up; it will outline the compensation offered and the timeline that was agreed by all parties.
If you are interested in purchasing the home you are currently living in, express this to the lenders agent that is making contact, more than likely, this person will be selected by the lender to represent the seller.