Most banks I have dealt with will not permit the former owner to remain in the home as a tenant. I would ask for some proof, perhaps referrals for people they have done this for and I would definitely check with a local lawyer who is very well versed in real estate law and particularly in short sales and foreclosures.
Remember, if it sounds too good to be true, it probably is.... more
Yes and it also depends on your credit score. The best thing to do is be upfront with the management companies. You might have to write a letter explaining your situation on the foreclosure. You will have to put in the letter why you can pay the new rent. If you have additional questions feel free to write me and I would be happy to answer.... more
Why not just move out, or do you expect to stay in the apartment rent-free?
If you have a lease, you are obliged to satisfy the conditions of that lease, which should include paying your monthly rent.
If the apartment is in foreclosure, it doesn't mean it's already bank-owned. Rather, the owner may be looking for ways to resolve his financial predicament through forbearance, loan modification, reinstatement, etc. If his tenants stop paying him rent, he'll be in worse financial shape.
If he is trying to do a short sale, he will want to show the property to prospective buyers. And he will need to provide financial statements regarding the income generated by the property. If you aren't paying your rent, he has every right to start eviction against you.
Unless you know the complete details of the pre- or actual foreclosure, how can you withhold rent?
If it is sold, and you don't have a lease, the new owner may not be bound by any agreement to keep you on at your current rate either and may give you notice to vacate, or increase in rent.... more