i have a lease and the house i am renting is going in to foreclosure what are my options

Asked by Dave Modaffari, Coral Springs, FL Fri Mar 13, 2009

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Bette Abrams…, Agent, Coral Springs, FL
Tue Jul 28, 2009
This situation is rampant...I believe that there is a law passed at this time, or soon to go into effect, that if the owner's mortgage is a Fannie Mae mortgage, you have the right to stay in the house. A real estate attorney should have all of this information at this point. Going forward, to all renters, it is a good idea to have the owner of the home show their current mortgage stateent each month before you pay the rent. Good luck to you! And by the way, this won't happen overnight; however, you might want to start looking for another place to rent.

Bette Abrams, PA, GRI
Web Reference:  http://www.betteabrams.com
0 votes
Michael Unger, , Coral Springs, FL
Sun Jul 19, 2009
Check puplic records to determine who is the lender and communicate directly with them. They may give you several options for your consideration. One of which will probably to pay your rent directly to them.
Use google to get to the right public records. In Broward county the property appraiser is http://www.bcpa.net/ . If the property is being foreclosed on the property appraiser's records may give the contact attorney for the foreclosure.

Mike
Coral Springs Agent
Web Reference:  http://www.flarealtysite.com
0 votes
Paula Bean, , Orlando, FL
Sat Mar 14, 2009
Dave,

This sad predicament is happening with more frequency, so laws were passed to help out. See if you can find out if your landlords mtg is Freddie Mac or Fannie Mae. Recent laws have been enacted whereby the lender will continue to rent to you until foreclosure, or help you buy the house with special financing if you are interested in doing so.

Another thought is that when the house IS foreclosed on, it could very well be purchased by an investor who would LOVE to have a tenant already in place.

My best advise to you would be to contact a real estate attorney to navigate you through this. They can find out who the lender is, if the loan is Freddie Mac, and help you out. In most cases the lenders would probably prefer for you to make your rental pmts direct to them rather than the landlord who is obviously not making the payment to the lender.

Best wishes to you
Web Reference:  http://www.HomeOrlando.com
0 votes
Dawn Smith, Agent, Boca Raton, FL
Fri Mar 13, 2009
Your options, you can stay and continue to pay rent to the owner until it forecloses. Another option, if you are interested in purchasing, you may be able to negotiate an excellent price with the owner on a short sale. If you are interested in purchasing, you should consult with a realtor.
0 votes
Lynn Pineda, Agent, Coral Springs, FL
Fri Mar 13, 2009
Dave, it all depends upon where in the foreclosure process your landlord is at this point. You need to honor your lease as it is a legal contract. However, your landlord may be foreclosed on prior to the end of your lease at which time you may be forced to vacate due to the foreclosure. More Lenders are working with tenants such as yourselves when a home is foreclosed on and they will allow for you to stay on after the home has been foreclosed on paying the Lender your monthly rental. There are a number of variables that you'll need to check on. Best wishes to you.
0 votes
SeattleHome.…, Agent, Seattle, WA
Fri Mar 13, 2009
Technically you should be able to stay for your lease term, but there will be pressure to move out. The new owner may offer you an incentive to move out early, though.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more