Angrygreengi…, Renter in Berwick, ME

I'm a renter, but the house I'm renting is being taken by the bank. What are my options?

Asked by Angrygreengiant, Berwick, ME Mon Nov 28, 2011

Renting an apartment in deed in lieu of foreclosure. What

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Shawn Ryan R…, Agent, Belleville, NJ
Mon Dec 5, 2011
A bank cannot force a renter with a valid lease to leave in the case of short-sale or foreclosure (assuming you have paid your rent as agreed). That's why banks will often pay renters such as yourself to voluntarily move out of the home ("relocation assistance") - a few months rent normally.
1 vote
Tim McClary, Agent, Bangor, ME
Mon Dec 5, 2011
If you were to contact the bank that is taking back the home, you may find that they are willing to work with you. There will be a single person who is responsible for dealing with this home for the bank. It may take a little digging, but it is possible to contact them and see if you can buy the home from them after they forclose.
0 votes
Dale Doughty, Mortgage Broker Or Lender, Falmouth, ME
Mon Nov 28, 2011
Chances are you may have to move but depending on the lender that holds the note you may have several months before you are asked to. What you might consider is your ability to buy the home yourself. Rents are moving up in most markets and home prices and mortgage rates remain historically low. If you were to secure a pre-approval letter from a mortgage company you would have some leverage when you were negotiating with the lender. Very often you can buy a distressed property from a lender and have a mortgage payment that is less than what you were previously paying in rent.

There are many government-sponsored loan programs that would allow you to purchase a home with little or no money down, regardless if you are a 'first-time-homebuyer" or not. Many of these programs are available even if you have less than perfect credit.

If you don't like where you are currently living you can visit my website for a list of foreclosed properties available for sale in your area. This is assuming you are entertaining the idea of purchasing.

Good Luck!
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Anna M Brocco, Agent, Williston Park, NY
Mon Nov 28, 2011
Without much information, do you have a may wish to consider looking for a new place to live...
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