The house that i live in is in foreclosure i do not own it, I have never met the own. I pay the culb house each mouth and know i just fine out the

Asked by Shea, Greenacres, FL Tue May 4, 2010

bank has the note on the house a letter came to the house what do i do. I call the bank and their said cannot give me any information. So were was my money going to each mouth,because its been going on for a mouths and i just find out.

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Rick Ellis, Agent, Austin, TX
Wed May 5, 2010
If the bank now owns the note the property has already been foreclosed on. Your landlord is probably already of out the picture. The bank's asset manager will shortly turn over the property to a real estate brokerage to get the home sold. You will be contacted shortly by the realtor assigned to the property and he/she will have a move out date planned for you. You'll need to be out of the home by that date. Cash money may be available for you as part of a government program to help with your move. The realtor will have details about that. If you have been informed about which bank holds the note you may call and speak with the asset manager or consult your attorney of choice. Ultimately, you will be asked to move out. Procedure will be followed and you could make an offer and acquire the property yourself should you wish to move back in.
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Dp2, , Virginia
Wed May 5, 2010
Have you considered buying the property? If you're interested in doing that, then check your local county records to find out who the owner of record is. Next, contact him/her and inform him/her that you'd like to make an offer. Get an agent who's familiar with creative financing; find out the amount required to reinstate his/her loan(s), and make an offer to buy the property with seller financing.
0 votes
Hannah Flieg…, Agent, Larkspur, CA
Wed May 5, 2010
Hi Shea,

I see that you have never met the owner by your question. Perhaps their is a property manager that you have been in contact with. I would try to speak to the property management company and let them know that a notice came to the home and you are concerned. See if this gets you somewhere for free at least.
Of course you can go and speak with an attorney and pay a couple hundred bucks for the same information you might get free elsewhere.
The other office that you can visit for free is Hud.gov
Call make an appointment and see if you can speak with them about the situation.
The next step you can take is to call the Housing Authority in your area to see if they have some advice for free.

Finally, it appears that at some point you will need to move so I would get yourself prepared for that. I believe you have a few months depending on what type of document you received in the mail but I would just get prepared. Good luck!

Hannah Fliegel
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue May 4, 2010
This is the worst case scenario for a tenant who has been paying their rent but the landlord has not been paying the mrotgage with teh rent money. The bank will not gove you any information. You will want to at leats take the first free consultation with a lawyer or check with your state for any free help for tenants in this situation. They can tell you whther to keep paying rent or whether to hold it back until this is resolved as well as what your rights are in your state, they differ greatly from state to state so i cant tell you what FL law allows. If it does get foreclosed on, the bank will come to you can ask for cash for keys also know as a relocation agreement where you agree to move out for a payment of 500 to $2000 in most cases. I wish you luck in working things out
Web Reference:  http://www.ScottSellsNH.com
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Anna M Brocco, Agent, Williston Park, NY
Tue May 4, 2010
Consider consulting with an attorney who specializes in real estate, have your lease reviewed and see what options you may have and see exactly who has been cashing in on your monthly rent --Most professionals do offer a free consultation--If you don't have a lease consider looking for a new home sooner rather than later.
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