The House I Am Renting Is Headed To Foreclosure (1 Viewer)

[mattdaddy]

We are currently in the process of building a house so we have sold our existing home and rented a temporary home until the house is built. We signed a 9 month lease with the property management company of which there is still 7 months. We were planning to go month to month after that if our house wasn't finished. The property management company has contacted us and notified us that the owner of the house has not made his mortgage payments and that the bank plans to foreclose on the house. The PM company now wants to find us a new rental house but has not been able to do so in the school district we are in which is the main reason we rented this house to begin with. The PM company has also told me that I could stop paying them rent which I find highly suspicious. At any rate, I'm just asking around here to see what my options are. After some research I have recorded the lease with the county and decided to stay put and continue paying my rent by sending it in as certified mail.

It's going to be next to impossible to find a 6-month lease in my school district that accepts pets but I'm not sure what will happen in the next 6 - 7 months while my new house is being built. Any advice from anyone with experience in this sort of matter would be appreciated.

 

[cashman88]

You should review the Protecting Tenants at Foreclosure Act - I believe it was extended until December 31, 2014.

 

[NIU Kicker]

I'm not a lawyer but not paying your rent seems like a very good reason for them to throw you out before the lease is up.

 

[mattdaddy]

You should review the Protecting Tenants at Foreclosure Act - I believe it was extended until December 31, 2014.

Thanks. I have looked at that and it appears to protect my interests unless they can manage to sell the house to someone who plans to live in it as their primary residence. In that case I they would have to give me 90 - day notice. the amount of time that it would take for all of this to transpire would probably be enough for my new place to be built.

 

[jonessed]

Given the recent housing crash my guess is this isn't uncommon. The foreclosure could be a very long process.

What state are you in?

 

[mattdaddy]

Given the recent housing crash my guess is this isn't uncommon. The foreclosure could be a very long process.

What state are you in?

Louisiana

 

[thecatch]

You should review the Protecting Tenants at Foreclosure Act - I believe it was extended until December 31, 2014.

Thanks. I have looked at that and it appears to protect my interests unless they can manage to sell the house to someone who plans to live in it as their primary residence. In that case I they would have to give me 90 - day notice. the amount of time that it would take for all of this to transpire would probably be enough for my new place to be built.

Outside of that legislation your rights are going to depend heavily on your state's law.

 

[Ditka Butkus]

Just stop paying and wait for someone to come kick you out.

 

[George Jefferson Airplane]

Burn it down.

Spoiler

AFTER YOU GET YOUR STUFF OUT

 

[jonessed]

Given the recent housing crash my guess is this isn't uncommon. The foreclosure could be a very long process.

What state are you in?

Louisiana

Yeah, I'm not sure what your rights are there.

I would look into talking to any appropriate state agencies. I know CA took some of the bank settlement money from the foreclosure crisis and put it into support services. LA may have done something similar.

 

[CBusAlex]

I went through the same thing a couple years ago. Didn't end up affecting us at all. Foreclosures generally take a very long time; if they haven't even started yet, it's unlikely that the bank will take possession of the house before your lease is up.

 

[Greggity]

My little brother and his ghetto ex-wife stopped making payments on a house they had built. They lived free for almost 2 years then claimed bankrupt....

 

[mattdaddy]

I went through the same thing a couple years ago. Didn't end up affecting us at all. Foreclosures generally take a very long time; if they haven't even started yet, it's unlikely that the bank will take possession of the house before your lease is up.

Thanks. That's my take on it as well. The property management company also plans to list the house so I feel like they are just trying to get us out of there so they can try to sell it before it goes into foreclosure.

 

[Angry Beavers]

I went through the same thing a couple years ago. Didn't end up affecting us at all. Foreclosures generally take a very long time; if they haven't even started yet, it's unlikely that the bank will take possession of the house before your lease is up.

This