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desperate and confused asked:
Okay. Basically I rented a house with my 2 children and I later found out that my house was being foreclosed because the owner or shall I say previous owner missed her mortgage payments.
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Here is a great resource to help A Foreclosure Survival Guide
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7 responses so far ↓
1 Golda // Jan 20, 2008 at 3:09 am
You as the tenant have no obligation to stopping your landlord’s foreclosure, less of course you plan on taking over the property. It is your landlord’s responsibility to work with a lender to stop foreclosure. To save yourself, you ought to begin looking for a place to stay.
2 CAD // Jan 17, 2008 at 11:06 am
You should find out if the owner has an assumable loan. If the bank is not too far into the foreclosure process they might let you assume the loan. Assumable loans aren’t as common as they use to be. Banks don’t really like them because it takes away their ability to screen the person who is assuming the loan. However, they also don’t like foreclosure because they might lose money. If it is not an assumable loan I would advise you to buy the house. Whatever you pay for rent should have been more than the mortgage payments the owner was paying. Unless your credit is just horrible you might be able to actually save money on your monthly payments and at the same time be investing equity into the property and not throwing away your money. Or just move to another house, if you want to avoid this situation from happening again then rent from an established real estate investor or company.
3 Boba Phatt // Jan 13, 2008 at 7:24 pm
You wont be able to stop that as you arent the owner. The agreement is between you and the owner for you to stay. If that owner is no longer in the picture, your lease is no longer valid. You need to look for somewhere else to go.
4 Buddy // Jan 10, 2008 at 6:46 pm
you cant stop it unless you buy the house however sometimes it takes a long time for the foreclosure so you might have some time to look for a new place
5 MrsDebra // Jan 9, 2008 at 5:17 pm
When we rented, we paid the bank the rent directly. All money went to pay the loan. You could just buy the house.
6 Obi-Wan Kenobi // Jan 6, 2008 at 12:32 pm
If there isn’t any language in the agreement that requires the owner to pay the mortgage or pay your expenses if forced ot move, you’re out of luck.
You could draw up a fast promissory note and have the owner sign and then you could pay the mortgage payment. But that just compounds the issue really.
I would move out and pick your lessee more carefully.
7 snidy // Jan 1, 2008 at 11:59 pm
You’re out of luck unless you want to buy it
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