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Maggie Morel, Other/Just Looking in Miami, FL

What can we do?We rent an apartment and the owner never told us it was forclosure and kept collecting rent

Asked by Maggie Morel, Miami, FL Fri Dec 28, 2007

from us. Now we found out and we don't have were to go. The Bank turned over the property to a Mortgage Company.

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Contact the bank and Mortgage Company and try to work out a deal. There are expenses that need to be covered; maintenance and taxes in particular. If you are willing to continue paying rent to cover the lenders carrying costs, I see no reason that you would be forced to vacted quickly. Of course, the bank and mortgage company want the property SOLD, but they do understand that that could take some time. If you are willing to cooperate, so would they.
0 votes Thank Flag Link Sun Jan 6, 2008
Dear Maggie,
I, unfortunately, encounter this unfortunate situation almost every day, due to the nature of Real Estate I practice. You might have received an offer for “cash for keys”, in which you were offered a certain amount of money from the bank in turn to vacating the property at a specific date and in broom clean condition. Accepting this might be your best option at the moment. Try to find a new place to move to and weigh your cost vs. outcome in filing a law suite against the landlord in trying to recuperate some or all of your damages.
Once the property goes back to the bank, the bank starts eviction proceedings as soon as they find out that the property is occupied. Even if a “cash for keys” is entered into, they continue with the eviction process to cover themselves. If you decide to accept the “CFK”, leave on the specified date and leave the premises in broom clean condition, you will get paid the specified amount of money. If you decide to wait and hope, the Sheriff will, unfortunately, show up and clear out the premises.
Best of luck,
Hagen
Web Reference: http://www.hagenhendrix.com
0 votes Thank Flag Link Fri Dec 28, 2007
Maggie, you need to contact an attorney to at least get your deposit money back. Once they sell the property, you should be able to get your money. Sometimes the bank will even let renters stay in the property while it's being shown.
0 votes Thank Flag Link Fri Dec 28, 2007
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