Foreclosures Help Information

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Rent Own Foreclosed Homes

Question: Is it possible to get a mortgage if you are in foreclosure?

I am 3 months behind in payments and my house will be sold at auction soon. Is it possible to refinance and pay for my old house plus get another? I have been trying to sell my old house but no dice. I would ideally liek to pay off this debt and find a new home. If worst comes to worst and my house does not sell and I get foreclosed, will i be able to get another house and mortgage? Is it possible to rent to own a home without a mortgage?

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Answer: you have already proved you cannot pay a mortgage. no one is going to give you another one

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Rent To Own Foreclosed Homes

Question: what is the legallity of your home being foreclosed if you have been paying?

my aunt has been renting her home for about 2 years now(rent to own) she has been paying the homeowner $1000.00/mo he has not paid the mortgage co and she has 90 days to move.she says there is nothing she can do what do you think?what would you do?

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Answer: If she is in a lease option contract with the owner who has now foreclosed, the contract would specify how much of the $1000 per month was going towards rent and how much was going towards the down payment (or whatever the agreement was for the split).
The seller of this home SHOULD have been keeping the portion that was not rent in an escrow account and that will legally belong to your aunt, depending on the terms of the lease option.
Your aunt is going to need some legal assistance in this unless the seller of the house is going to be completely honest and do the right thing.
I kind of doubt it based on the fact that they let the house go to foreclosure when someone (your aunt) was obviously paying towards the mortgage.

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Rent Foreclosed Houses

Question: I rent a house & have a lease the owner is going to be foreclosed on will my lease be honored by bank?

what are my rights or do I even have any in this situation?

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Answer: Many states are adapting provisions for foreclosure tenants to their Landlord Tenant Laws and also to state's foreclosure laws with regards to a current tenant. As it stands now, foreclosure voids any lease or rental agreement.

In most states, when the bank wants you to vacate, you will be served with a 30 day eviction notice. If you are served with a 3 day notice, you can petition you were served with improper notice and stall the procedure.

You may be offered "Cash For Keys" from the bank if you agree to leave the premises in good shape. If so, get it in writing & you don't have to agree to the first offer they make you.

You may be entitled to additional remedy/damages if a landlord entered into a lease for a period knowing they were losing their home. (Landlord was served with foreclosure notice in March & then entered in to a one year lease with you in April, knowing they would lose their property in June)

Some states also stipulate that if your security deposit was not refunded to you from your landlord, the bank now has to refund it to you, regardless if they obtained it from your landlord.

You will need to google "YourState Landlord Tenant Laws Foreclosure" and you'll be ahead of the game on what should & is REQUIRED to be offered to you and your rights.

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