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Foreclosure in 06533 : Real Estate Advice

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Activity 3
Fri Sep 14, 2012
Lisa Orme answered:
Shanta,

I assume you have a lease agreement with your landlord. That agreement is between you and him, and the not his bank. His agreement to pay his mortgage is between him and his bank. Until the foreclosure is actually COMPLETE, you are under obligation to pay your monthly rent to your landlord.

http://www.housing-rights.org/foreclosures.html

Once the foreclosure is complete, your lease is considered terminated. The landlord is also responsible to return your security deposit to you at the termination, but this may be a difficulty, and could lead to a Small Claims court claim.
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Tue Feb 14, 2012
Don Tepper answered:
What sort of litigation?

There are some types that are pretty certain to be resolved, and can be resolved fairly quickly.

There are other types that could drag on for years.

You need to get a fairly good idea where along that spectrum your house falls. Best place to start is your Realtor.

Hope that helps.
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Thu Feb 9, 2012
Donna Bigda answered:
Hi Jayne,

There is an option open to you to sell your home as a short sale if your are facing foreclosure. A short sale is where negotiations are done with the lender holding your note when there is a buyer who is looking to purchase the property at less than the debt that is owed. Some lenders may allow the foreclosure process to be put off or cancelled in such instances.

I have gone through specialized training and have received a Certified Distressed Property Designation. If you would like more information about the options available to you, please feel free to contact me.

Warmly,
Donna Bigda
RE/MAX Alliance
203-488-1641, ext. 214
Licensed in the State of CT
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