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Foreclosure in 85051 : Real Estate Advice

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Activity 2
Thu May 26, 2011
Leslie Byrne answered:
So there is a loan second to yours? What is the nature of the second loan, construction? Are there any improvements left on the property? They subordinated to your loan? It is not difficult, but depending on the tenacity of the second guy and your borrowers, it could be a horrible headache. Many private lenders try to work with them beyond the 3 month limit until they truly give up and walk away without resistance. Did they put a lot of money down? ... more
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Mon Oct 13, 2008
Carlos Ramirez answered:
Mary,

If you are the tenant you can stay on the property under the current lease until it is foreclosed by the bank, or the owner pass the property to the bank with a deed in-lieu of foreclosure.

When the property belongs to the bank, then they can ask you to move or pay rent to them. But for now, the bank should not ask you for money or to move out.

In the mean time talk with the owner and keep up to date with what is going on. The bank might agree to lease you the property, at least in the short term.

At this point the best advice will be to start looking for another place to rent, since as of December 1st the current lease might not be valid.

Good luck!
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