Foreclosures Help Information

Archive for September, 2008

Landlord Being Foreclosed

Question: my landlord just told me that the house im renting being foreclosed ?

how long do I hve before me and my infant are made to leave? I heard that banks will help you move in this situation is that true? When can I expect somebody to come out to the home?

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Answer: Yes, SOME banks will give you what is called "key money" to move because it is cheaper than going through a legal action to get you out. If so, you can use the money to move. They are NOT obligated to offer you any money, but many lenders do so because it is less work for them.

Your rights as a tenant in a property that is being foreclosed upon depend upon two things: your lease and the law in your state. There are a lot of "what if's" in your situation, and only a lawyer who practices landlord/tenant law in your area can answer them accurately for you.

For instance, your landlord may have signed an assignment of leases and rents when he bought the property. If he did, your tenancy may be protected. In some states leases must be honored, in others, your lease is basically worthless. Some lenders use a receiver of rents on properties in forclosure. In some states the tenants have next to no rights when a property is foreclosed upon.

Go see a lawyer.

Building & Renting Real Estate : Renting a House Which Is Being Foreclosed

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Indiana Foreclosed

Question: Can a bank foreclose on a second Mortgage?

Am in Marion county, indiana, first mortgage is in good standing but have been to court for the second mortgage which I owe several thousand dollars on. They told me yesterday they are going to foreclose on the home but my primary mortgage company said they couldn't not sure what will happen, appreciate any help. Thank you
The primary mortgage company told me they are not taking the house, they have backed out of the proceedings so can the second mortgage still foreclose?

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Answer: mbmare5, Here's a list of banks in Indiana that can help. http://www.banksintheusa.com/Indiana-Banks.html

Indiana Foreclosure Homes - IN

Renting Foreclosed Homes

Question: Home I'm renting was foreclosed, how long do I wait for my deposit? I live in Calif.?

The home has been auctioned and bought back by the bank. I was in a lease agreement with a property manager. How long do I have to legally wait for my deposit?

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Answer: 21 days after you move out and return the keys.

Homes: Rent or Buy?