Didnt pay my mortgage in 4 month in San antonio and they forclosering. When i have to move my renter out?

Asked by Patrick, 78205 Sat Dec 31, 2011

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Doc & Ellen…, Agent, San Antonio, TX
Sat Dec 31, 2011
Upon foreclosure, the bank will either evict your tenant or offer them a chance to continue renting. It isn't fair of you to not tell them of your situation so they can get good advice and plan for their lives.

Being a landlord is a responsibility to others, not just an income source for you. Are we to understand that you have been spending their rent money instead of paying the mortgage on the home you offered to provide for them in exchange for that rent. that is patently immoral and dishonest. You owe them, the bank, and all the neighbors whose home values are being devalued by your selfishness a huge apology.

Doc Stephens, REALTOR
3 votes
Joseph Keres…, Agent, San Antonio, TX
Tue Jan 24, 2012
Take legal advice from an attorney only.

I had this happen to a close friend of mine many years ago in SA, he and his GF were renting a home that got foreclosed on. One day they started getting foreclosure notices and then couldn't contact the owner any more, so they stopped paying rent and moved out at will in no hurry what so ever (i think like 2 or 3 months later if I remember correctly).

Unfortunate situation all around but be sure to get proper legal advice from an attorney so you are able to protect yourself from further repercussions down the road.
0 votes
Austin Fresh, Home Buyer, Texas
Sun Jan 22, 2012
Your Renter dosn't really need to move out. Texas has very strong rules about "Tenat's Rights". A lease in Texas is incredibly hard to break if the Lessor is in good standing and still on an active contract. If the home is in Foreclosure, the tenants will most likely rent from the Bank. The Leinholder can't terminate the contract without paying penalities or getting wrapped-up in legal issues. In MOST cases, It's not legal to evict a tenenat in good standing simply due to a change in property ownership.

However, the Lienholder has every right NOT to renew the lease or make special provisions to the Tenants. Also, the Tenants - having been notified teh Lease will terminate at the contract's end - must allow showings of the home.
0 votes
Mike Anthony,…, Agent, San Antonio, TX
Sun Jan 1, 2012
There are several issues in this question. I'll try to touch upon each of the issues:

Short sale in lieu of foreclosure: Find a real estate agent who is versed in these matters. With a short sale, you will get to keep your credit rating intact -- this will not negatively reflect on your credit score. Please get in touch with me NOW so that we can get moving in the right direction with your short sale. The sooner you jump on this, the more willing a bank is likely to work with you (and me) on short selling your property. Otherwise, the bank will foreclose and your credibility will take a bad hit.

Refinance: Perhaps you can refinance your property so that monthly note payments are lower and easier to make. I can help you find a credible mortgage loan officer that will lay out some options for you.

Renter displacement: Please, please, please consider the lives that may be needlessly upset because this bad news reached your renters later than sooner. (Bad news doesn't get better with age.) We landlords have an obligation to uphold our end of the lease agreement just as we expect our tenants to uphold their end. More importantly, if family leasing decisions were made because of the geographical proximity to work and school boundaries, there could be a whole lotta wailing and gnashing of teeth from the soon-to-be displaced family who's hassle factor is about to go up many orders of magnitude.

Legal retribution: Speaking of hassle factor, let's talk about your potential kick in the pants. A young lawyer with nothing yet to lose who wants to make a name for himself, could take up the case for the renter and seek compensatory damages from your holdings because you did not hold up your end of the lease agreement. Get legal advice from an appropriate licensed attorney to lay out your options. If you cannot get a refinance, re-adjustment of terms, or short sale, please consider at a minimum helping the renters find comparable housing in the geographic area of their choice before the foreclosure. Offer to pay their moving expenses and deposits so they're not out any extra money than what they would normally pay you if still under your lease agreement. (If they're behind on their rent, that's a different story -- you should be seeking their eviction.) If you had a property management firm under contract for this property, the tenants may have grounds to sue the property management firm. Guess who then, the property management firm will go after next with an army of lawyers who aren’t so young? (We’re talking razor sharp fangs here, six ways from Sunday, and white on rice -- it ain't pretty.)

Time lines: Banks vary from firm to firm on the speed at which they operate regarding foreclosures. Normally, it's about six months from the first missed note payment to foreclosure date -- some have taken up to two years. Nevertheless, it is incumbent on you to make good with your bank as much as possible on your note via refinance, re-adjustment of terms, or short sale as soon as you can -- that foreclosure is staring us in the face and it ain't going away. In that vein, the same is to be said similar to what your priest/pastor/imam/rabbi would say: It's just plain common courtesy to make good on your lease contract with your tenants as much as possible. Their lives are affected too.

Please call me if I can help you in any way regarding your situation. You're not alone in this.

RE/MAX North San Antonio
(210) 379-2053
Web Reference:  http://www.mikeanthony.net
0 votes
Marie Crabb -…, Agent, San Antonio, TX
Sat Dec 31, 2011

Just a bit of advice outside of the answers you have already received.
It would not be a good idea to take legal advice from anyone who is not a licensed attorney.
0 votes
Bruce Lynn, Agent, Coppell, TX
Sat Dec 31, 2011

Let the tenant know what is going on, but you don't have to make them move out.
The lender will take care of that after foreclosure.
But don't leave them hanging.
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Dec 31, 2011
Foreclosures can take time and you have options. Rather than just surrender, consider a short sale or discuss doing a deed in lieu of foreclosure. A short sale has advantages as to how soon you can obtain another mortgage over a foreclosure.
Your tenants may be able to stay through the term of their lease, but I agree that if you intend to let this go you should inform them so they can decide how they want to proceed.
0 votes
Micah Harper, Agent, San Antonio, TX
Sat Dec 31, 2011

You should have let your tenants know that the property was going into foreclosure as soon as you knew. Depending on the lease that you used, there are probably provisions in the lease that deal with condemnation and foreclosure. Your lease may say that the tenancy terminates upon foreclosure, or it may require you to notify your tenant in advance of the foreclosure. You need to read through your lease and see what it says.

Even if it does not address the issue in any way, you need to give your tenants as much notice as possible, immediately, so that they can find another place to live and get moved. If they pay you rent for a month, and the bank takes the house during that month and evicts them, they will have a claim against you. They will likely also have a claim against you for the costs of moving and any other costs incurred from the early termination of the lease. The best outcome for you is to give them notice and get them moved to a new home in advance of the foreclosure.
0 votes
Ann Ryan, Agent, Doral, FL
Sat Dec 31, 2011
You really need to get legal advice, not Real Estate advice... that said, the renter should attempt to ask the bank, or whoever is foreclosing.
0 votes
Patrick, Renter, 78205
Sat Dec 31, 2011
Dint pay my mortgage in San Antonio -texas for 4 month. They are forclosering my house. When i have to move out or my renters?
0 votes
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