If I am renting a house that is forclosed on, what is my time line for moving out. I am in the process of now. House is going on public auction 9/7

Asked by Glenda, Allen, TX Mon Aug 30, 2010

I recently found out that the person I was giving rent to, no longer owns the house. I am moving now but I can't get out before the 5th or 6th of September. Is this going to be a problem.My landlord claims to still own the house but it is right here saying foreclosure. Bank owned. Do I still have time or will someone put a lock on the door. I am a single mother and I am having to get this moved by myself. I can't afford a moving company. What are my option?

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T.E. & Naima…, Agent, Dallas, TX
Thu Sep 2, 2010
Your lease is a right to occupy the property unless/until a local court removes that right in a forcible detainer suit. This is commonly called eviction. When title to a property is sold, a lease runs with the property. The new owner must accept the property with your lease in place. The new owner can't just eject you.

Until title transfers either by a normal conveyance or by foreclosure, you have a right to occupy and you have an obligation to pay rent to the owner. If you fail to pay, then the current owner can take you to JP court, get a judgment against, and have you evicted. Until the foreclosure auction actually occurs on the first Tuesday in September, the ownership has not changed.

If a bank gets title to the property in foreclosure, the new owner has the specific right to terminate your lease. This is what the other Realtors were referring to as cash for keys. At that point the bank may offer to pay you to move out. The cash payment is intended to help you cover the cost of moving and motivate you to get out. Not all banks will offer a payment. Regardless, the new owner must take legal steps to evict you - they can't just change the locks.

Even if you are forced out, the judge will give you reasonable time to get organized. As always, check with your attorney to understand your specific rights (and bring your lease documents for him to review).
Web Reference:  http://www.Sumner-Realty.com
0 votes
Bob Movin-On, , Hartford, CT
Thu Sep 2, 2010
If the auction date has not occurred then the house has not been foreclosed on, the auction is part of the foreclosure proceedings. The landlord does still own the house and you are actually obligated to pay your rent "do what you want with that"
0 votes
., , Lewisville, TX
Mon Aug 30, 2010
Glenda,
you are renting, right? You won't likely get cash for keys unless you own the home. However, under the Obama administration, tenant occupied properties have 90 days to find a new home. The bank could or may try to work it differently but you ought to keep record of payments and be ready to show those in the event you need to.
A tip: As a Realtor, we can show and represent you in Leasing properties at no cost to you. Call if I can be of assistance to you.
Nicole Arenas, Realtor
214-991-9507
0 votes
Melissa Hail…, Agent, Plano, TX
Mon Aug 30, 2010
Glenda,
If you have the contact information for the foreclosing bank, you should try to contact them directly. Sometimes they will give you "cash for keys" meaning they will give you money to help pay for your move if you leave the home in good shape and return their keys to them. Additionally, the foreclosing bank may be willing to honor your lease meaning that if your lease allows you to live there for several more months they may allow it instead of having your move right away.

Every situation is unique and different - your best bet is to call the bank and tell them your situation. Let me know if you need help finding a new lease home. There is no cost to you (as a tenant) for our services.

Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Aug 30, 2010
Unless all the documents been reviewed difficult to render an opinion. Is there a contact number for you to call? In most instances the bank gives cash for keys within a certain time period if you move out.

However I would not risk .

I work with many families in leasing homes here in Dallas area

Lynn911.com
Web Reference:  http://www.lynn911.com
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