I am renting a house and someone came to my door and said that my land lord is not making payments. What now?

Asked by Ricardo, San Pablo, CA Mon Feb 23, 2009

I am making paments mouth to mouth,no lease.
What can I do if this house is going on foreclosure? Please someone help me.

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James Gordon…, Agent, Hamilton, OH
Tue Feb 24, 2009
First who is this "someone"?
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.
Web Reference:  http://www.Find1Home.com
1 vote
Michael Mou…, Agent, Huntersville, NC
Mon Feb 23, 2009
In addition to the great answers that the other folks have provided, we are finding that some lenders are even working with the renters (a.k.a. victims of non-paying landlords) to help them stay in the property as tenants. It sounds crazy but its a direct result of the market conditions.

Mike Moulton
1 vote
Dallas Texas, Agent, Dallas, TN
Mon Feb 23, 2009
Sorry to hear about this like many across the country

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
– Lynn A. Crosby
Web Reference:  http://www.lynn911.com
1 vote
Dave Sutton, Agent, Portland, OR
Mon Feb 23, 2009
Hi Ricardo,

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.
1 vote
J Mario Preza, Agent, Daly City, CA
Mon Dec 6, 2010
This is a regrettable effect of some foreclosures, where the innocent tenant is surprised to learn that they'll have to be moving out when the house is foreclosed. If you've been made aware of something like this by a stranger, the prudent thing to do is to investigate it further before packing it up and getting ready to move. You ought to confront the homeowner with direct questions, e.g., the same you've asked here. If the homeowner denies any knowledge of this, then you ought to proceed with checking the county records to see if there are any notices of default filed on the house (address) you're at. If there are such notices, this is a tell tale sign that a foreclosure is looming and that in a matter of three to four months, the house will no longer belong to the landlord and you'll be in a bit of an awkward position not knowing who to pay or if you can stay in the house. Unless the homeowner cures the foreclosure sometime in the process, this could be a real probability. Depending on what you're hoping to accomplish, talking directly to the foreclosing bank will not assure you any concrete or direct answers. So, if you uncover that there is a "NOD" (Notice of Default), it behooves you to start considering looking for other housing arrangements, although you don't need to move right away. The troubling aspect of this, beside having to look for another place to live, is that you're obligated to pay rent by contract, but the owner is not obligated to comply with you in any other way when they don't pay the house. For this reason, some have advised to establish an escrow account where you pay what you would normally pay the homeowner, but to what end, I cannot say. If a homeowner lived in a house that was going into foreclosure, the idea of them paying or not is what got them in this mess in the first place. But, the difference is they're not normally collecting money from anyone, just not paying the lender what they promised. Check with a real estate or landlord tenant attorney in your area for further advice. Good luck.
0 votes
Viktor Manri…, Agent, Hercules, CA
Sun May 10, 2009
Tenants have Rights—Negotiate “Cash for Keys”
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 “CASH FOR KEYS” 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.
0 votes
David Chambe…, , Saint Petersburg, FL
Mon Feb 23, 2009
Who is the Someone? Were you served a foreclosure notice?
0 votes
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