Foreclosed For Rent
May 1st, 2006
Foreclosed For Rent
Question: I rent where I live and I got a letter for the landlord saying my home is going to be foreclosed?
the problem I'm having is the landlord took out a loan on this house and he will not pay it back. Now theres a letter saying that a forcloser is being started what can I do as a renter to take over the payments and stop this from happening. I don't have anywhere to move to and I need to take control of this situation before it gets any further. Can I stop this forecloser or am I going to have to find a new home for my family and myself? Anyone who can answer this I thank you.
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Answer: The house is going to transfer ownership, but that doesn't mean you're going to have to move. If you want to take over payments, you have to make a deal with your landlord to buy the house in a way that satisfies the bank.
If that doesn't work, you then have to make an offer to the bank for the same thing.
Neither of them are under any obligation to sell to you, though, and the new owner (either the bank or whomever they sell to) can evict you at will (30-day notice required).
The forclosure is between the bank and the owner. You have no grounds to interfere.
(Ahhchoo and TwinkaTee are both right. Good points. Don't get a lawyer. Waste of money.)
Homeowners Faced With Foreclosure Can Rent Their Own: 247WallSt.com Report for November 6, 2009
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