What should a renter due about possible home foreclosure?
I live in Georgia and I have been receiving letters for my landlord from lawyers. I am suspecting that my home may be at risk of foreclosure. My landlord has told us nothing and I am worried that I may lose the house I am renting. Having no time to prepare and I am afraid that I will be out in the streets with no place to go. Can anyone please offer any help or steps I need to take in regards to this?
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February 1st, 2010 at 4:32 pm
Contact the Assessor’s office in the county you live in, or see if there is a link online for the county. (for example type in “Fulton County Assessor’s Office” and look for the .gov link). Tell them that you would like to see if a property is in foreclosure and give them the address. Foreclosures are public record and you should be able to get the information. If the home is in foreclosure, ask when the sale date is. Once it goes to sale, you could have only a few weeks to move. (It’s different in different counties). They can give you clarification about the laws in your county, and how long the process takes.
You could ask your landlord, but they often wont tell you that the property is in foreclosure because they are trying to work things out with the bank, or they just don’t want you to stop paying rent.
If your property IS in foreclosure, there is possibly some good news for you. The President has just signed a bill into law (S 896) that requires the banks to give tenants at least a ninety days notice to move. In some cases, you might be able to complete the terms of your lease. Here is a link for the Bill that was just passed. Good Luck.