I received a letter last week that the house im renting has been foreclosed and the sell date is dec 13th.

Asked by sie32teach, Greensboro, NC Tue Dec 11, 2012

The landlord has never mentioned anything at all to me about the foreclosure or the sell date.What are my options and rights?

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Kerri Ledbet…, Agent, Greensboro, NC
Wed Dec 12, 2012
BEST ANSWER
Call the Trustee number on the paperwork and tell them who you are. If you are indeed a valid lease holder, you wil need to provide your lease to them for review.

"The federal Protecting Tenants at Foreclosure Act (PTFA), signed in 2009, offers tenants the two most substantial rights related to foreclosures. First, it requires lenders to abide by existing leases; and, second, it requires lenders to give tenants 90 days' notice before initiating court action to evict them."

As for your landlord, he/she may not have known, unless they are the owner of the home. Also, just because there is a sale date, does not mean the property will be sold and if it is sold this does not mean that you have to move out immediately. (see above)

I am sure you are trying to enjoy your Holidays and now this. This should not be a worry, but a concern and not an immediate concern

If you need further assistance, you are more than welcome to contact me at 336-373-1881.
My company manages over 100 homes and this has happended to us three times this year.
0 votes
Thank you so much for responding! Finally some hope. I look forward to speaking with you if needed. Thanks again.
Flag Wed Dec 12, 2012
Sharonetta M…, Agent, Greensboro, NC
Tue Dec 11, 2012
I agree with Larry on best way to proceed. Ultimately, you want to determine how quickly you should be looking to move elsewhere so that you're not pressed into making a quick decision and can plan properly for a transition to minimize the stress involved.
0 votes
Larry Story, Agent, Greensboro, NC
Tue Dec 11, 2012
You do have renters rights. However, it will depend on the investor. As Fred mentioned below Fannie Mae does have rules but not all loans are owned by Fannie Mae. Your best bet is to have someone an attorney or Realtor® check into the proceedings. The first step would be to pull the file on the home downtown at the register of deeds office. At the office of Special Proceedings will be a file that has all the records of the foreclosure. That way it can be determined who the is the investor. From that point it will be easier to ascertain your rights and options.

I would like to ask if you have a property manager or is the homeowner managing the property themselves?

Some banks will contact you offering you an incentive payout for you to move out. Otherwise they will have you start paying your rent directly to them.

Hope this helps,
0 votes
Fred Yancy, Agent, Woodstock, GA
Tue Dec 11, 2012
You have until the end of your lease. Fannie Mae will honor your lease. However, if your lease has expired at the time of foreclosure Fannie Mae will give you three months.
0 votes
Ok Thank you. Does this still apply if there has been a buyer?Im not sure what the letter means exactly.
Flag Tue Dec 11, 2012
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