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Question on foreclosure

By Scott

I find myself in a similar situation. I’m a tenant and about a month ago a lawyer sent us papers saying the house we are in is in foreclosure. We called the bank and the local court and they both confirmed that mortgage by our landlord had not been paid in a while and the house was being foreclosed on. Last week I called the court and they said our landlord hadn’t even responded so the bank won by default and now they are waiting for a Judge to just sign off on it. Because of this impending foreclosure we found ourselves a new place that is perfect for us. It is a very tough rental market here too. Now today the landlord said she is settling things with the bank and if we leave early we will owe the last 4 months rent of the contract. The bank told me they worked out a tentative deal based in the landlord making a payment to them, but I won;t know if that payment goes through for over a week. With the new place we found we were going to sign papers this weekend, otherwise he might rent to someone else. I don’t want to miss out on a good place for us, but I don’t want a lawsuit following me either. What can I do here?

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Edited on: Wednesday, January 16th, 2013 4:44 am
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One Response to “Question on foreclosure”

My response: (We welcome stories, examples, explanations, answers and a touch of your personality)
 

Sandra

January 30th, 2013 7:56 pm

If the foreclosure case has been won and closed, then the new owner of the property should now be the bank. Usually, banks don’t want to deal with tenants so they will try to evict you. Did you get papers in the mail saying that the new owner is the foreclosing bank? If so, then you will deal with the bank directly. What your landlord is trying to do is buying the property back from the bank. She’s not the owner anymore. The bank will decide whether your lease is now void or if it is still in effect. So the most logical thing to do is to confirm who the owner of the home now.

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