Asked by Alison, Garcia, CO • Sat Oct 25, 2008
We rented a house in July 2008. The owner is an investment company. The point of contact advised us that their loan "expired" in May. They got a 90 day extension, however the appraisal came back too low so the extension voided. The investment company is trying to extend the loan however their noteholder rejected the extension. The investment company has made offers from private investors however the noteholder rejected them.
It seems as though this house may foreclose. If we get a foreclosure notice on the house, can we then stop paying rent? Also, how long do we have until we have to move out? Will that be considered an eviction? Our rental contract states the landlord shall not allow the premises to be subject of a trustee's sale (breach of contract).
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