Rental home in foreclosure when do I move out?
The rental home I’m in is in foreclosure and scheduled for sheriffs sale in 3 weeks. The owner has plead guilty to mortgage fraud in relation to his mortgage business he was in.
He is pending sentencing. I know this guy is not going to retain this house. At what point is my lease dead? After the sheriffs sale? or After a redemption period? (5 wks or 6 months)
Also, If I’m in the house up to the very last day prior to the bank changing the locks, what if the owner wants to clear it out like he has stated to me. HE wants to come in and take all the appliances, wants to pull out toilets, sinks, lighting, basically he told me when he loses the house he is leaving walls for the next owner/bank. Can he do that? Should I let him in?
Quick Property Sale
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March 16th, 2010 at 3:16 am
stay and start paying rent to the new owner. You don’t need to move unless the new owner gives you notice.
March 17th, 2010 at 5:34 pm
Dont worry the sheriff will move you out
March 20th, 2010 at 5:54 pm
The lease should still be in effect. You pay rent to the new owner, even if it’s a bank. You need to talk to the bank, are they aware that a lease is a legal interest in the property, you have a contract to live there even if the ownership changes. No you should not let that nut in to vandalize the home, why do you need to ask that?
March 23rd, 2010 at 10:41 pm
Under most circumstances, the term of the lease must be honored, even by new owners. I’d let the bank know what he plans to do with the house.
March 26th, 2010 at 7:11 am
first might as well start looking for a new rental, while you are still in the unit I would not allow the landlord to come in an tear the place apart, since it would mean you living in a motel at that point
but over all by the witting on the wall I would be looking for a new place to rent, for you may come home from work one day and the place will be gutted by the landlord d
March 28th, 2010 at 7:13 pm
do not let your current landlord in your house to let him remove things…that is against the law and you will be aiding him. If he stops by, call the police.
If he is in foreclosure, the bank will be your new landlord and they will notify you to pay the rent to them and/or give you notice if they want you to leave.
March 31st, 2010 at 10:13 am
Depends what the bank is planning to do with it, who buys it and will they keep it tenant occupied. Just keep up with channels other than the current owner. Find out who you can get advise from.Look for alternate housing asap. Your deposit?If the guy comes let him in and let the cops deal with him. He needs to give notice when he will enter, no surprises. Call 911 if you want. Check your tenant landlord rights for your state. Do as much research as you can. Good luck. (EX property manager myself and we sold the home letting go of all the tenants. It’s never easy).
April 1st, 2010 at 9:34 am
Talk to a lawyer ASAP