I understand. You need to be working with an agent who can help youmake informed decisions about homes. They would have to look at tax records inthe neighborhood to give you an idea of what you would pay. There is a house on that street built in 2004 with apx 3100 Sq ft pays a little more than $11,000 per year. 1033 spyglass Is $15,183.21 per year... more
Generally the bank takes it back, it's not at all unusual for a home not to sell at auction, the banks usually want more money than a bidder will pay so they take the home back, it becomes 'bank owned' and they wil list it for sale through a realtor.... more
There is a clause in the Pennsylvania Association of Realtors recommended Residencial Lease includes the following statement regarding the Owner's Mortgage Companies rights...Line 220, Clause 28. TENANT HAS FEWER RIGHTS THAN MORTGAGE LENDER Landlord may have a mortgage on the property. The rights of the mortgage lender come before the rights of the tenant. (EXAMPLE: If Landlord fails to make mortgage payments, the mortgage lender could take the property and end this Lease.) TENANT MAY BE WAIVING OR GIVING UP TENANT'S RIGHTS. TENANT UNDERSTANDS THAT IF THERE IS A FORCLOSURE, THE NEW OWNER WILL HAVE THE RIGHT TO END THE LEASE.
If your lease does not address what would happen in the event of a Mortgage Forclosure you should consult an Attorney. My initial thoughts are that if you signed a Lease to rent the property, you are bound by the terms of the Lease as long as you continue to live in the house. In general it takes approximately a year in PA for the Mortgage Lender to take ownership, so depending on when your Landlord received notice from his/her Mortgage Company that forclosure proceedings were started - this will determine the amount of time you have left to start looking for another place to live before you are given notice to vacate the premises.
Good Luck and if you have any other questions regarding rental properties, feel free to contact me.
Cheryl J. McDonald
Short Sale Certified... more
Please research on the Pocono Record or even better call the blooming grove stated police. Just outside of the gate their was a murder, home invasion. The poor man that was murdered was Barry Rose, father of two. Even though the murder took place outside of the gate that parcel of property is considered Saw Creek Estates. Almost every month on Channel 13 you can see on the news the drug busts, or the break-ins. Think twice. Hope this help you... more