Our Landlord admittedly isn't paying the mortgage on the home we rent from him. 2times now we have received a manila envelope. Foreclosure?

Asked by Petunia5, Brier Hill, Youngstown, OH Fri Jan 28, 2011

How do we know or find out if we should expect to move. As well, what protections are there financially for us? Our deposit will or will not be paid back?

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3
Kim Noonan, Agent, New Lenox, IL
Fri Jan 28, 2011
You can do some research about how the foreclosure process works in your area. In this information-ready age, often actions against a property are public record. Find out from your county the steps that must be taken prior to a final sheriff or foreclosure sale, and you may even be able to find out from public records if a foreclosure has started; when court dates are going to happen; who your landlord's lender is and what legal firm is handling the foreclosure process for the bank. This might give you some idea of where this property stands in the time frame and even a phone number to call.

Regarding your legal rights per your lease, payments, and deposits, I'd suggest trying a local attorney who specializes in real estate contract law, or checking to see if your area has a free/low cost legal hotline for landlord/tenant issues.
2 votes
Monica Yrigo…, Agent, Vail, AZ
Wed Mar 7, 2012
You need to be sure there is not a trustee date. If there is, you may not be aware if the Landlord is not telling you. Check with the County records to be sure there is not a trustee date on the home. You may want to get more advise from a Real Estate Lawyer about your Tenant rights. When you are ready to Buy, let me know, I work with agents all over the United States.

Monica - AzProperties@Ymail.com
0 votes
Derek W, Agent, Mount Vernon, NY
Fri Jan 28, 2011
If you are in Ohio, and the property is transferred to the lender or sold at the auction they will first assume the property is owner occupied and move to evict you as they would a non-paying tenant. This is done with a 3 day notice to vacate the premises, to be followed by court proceedings. Therefore, if the bank is not aware of your tenancy agreement you should contact them via phone and certified mail return, receipt requested and informed them about your lease agreement. If you are not aware of the bank or auction information you should check with public records or a Foreclosure Alert company, such as the one here, http://foreclosurecourt.org/find-out-if-your-home-is-in-fore… to locate this information.

Once the bank is informed of your lease agreement you will have additional rights which can be reviewed here, http://foreclosurecourt.org/TenantRightsInForeclosure.html
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