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Renting a foreclosure?

LikeAnOceanLikeAnOcean Posts: 7,718
edited August 2011 in All Encompassing Trip
Anyone in the foreclosure business? Is this bad or ok?

I signed a 6 month lease followed by month to month this weekend.. After the fact, while googling the address I came across foreclosure information (not a sale) related to the condo and decided to investigate. I ended up paying CheckIllinois $7 to download the foreclosure information.

I called the bank and they told me that my landlord was still in possession of the condo and that there were no plans for the bank to put it for sale, but it was indeed a foreclosure, and if it came to that point they would give me a 60 day warning to leave.

Legally, the landlord should have told me about this. He is of German descent and speaks English very poorly, so I'm not sure he was aware of the legalities. He may just be confident that by renting the unit out he could pull it out of foreclosure.

For me, it could be good with the month to month if I decided to leave when I wanted.

It just makes me a little nervous if I was given the 60 days right after moving in. Moving is a bitch. :?

Any thoughts?
Post edited by Unknown User on

Comments

  • The JugglerThe Juggler Posts: 48,572
    Gob wrote:
    Anyone in the foreclosure business? Is this bad or ok?

    I signed a 6 month lease followed by month to month this weekend.. After the fact, while googling the address I came across foreclosure information (not a sale) related to the condo and decided to investigate. I ended up paying CheckIllinois $7 to download the foreclosure information.

    I called the bank and they told me that my landlord was still in possession of the condo and that there were no plans for the bank to put it for sale, but it was indeed a foreclosure, and if it came to that point they would give me a 60 day warning to leave.

    Legally, the landlord should have told me about this. He is of German descent and speaks English very poorly, so I'm not sure he was aware of the legalities. He may just be confident that by renting the unit out he could pull it out of foreclosure.

    For me, it could be good with the month to month if I decided to leave when I wanted.

    It just makes me a little nervous if I was given the 60 days right after moving in. Moving is a bitch. :?

    Any thoughts?

    man that's pretty fucked up. speaking english poorly aside, this just doesn't sound right. maybe you should talk to a lawyer?

    i guess if you're only there short term, it could work out...i would never do this though. house gets foreclosed and sold--- you're out of a place to live.

    if you're still there by the 6 month mark, i would get the hell out. that landlord can't be trusted....

    also--the landlord could just have given up on the home already but decided to rent it out to someone in the time frame before the bank actually forecloses it (he could just pocket your money and not pay the bank). i've heard of a lot cases like this where renters get screwed over when the owner's just don't pay the mortgage.

    what bank is this? that's a respa violation for them to share the landlord's info with you...whole lot wrong with this situation. sorry to say dude.
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  • LikeAnOceanLikeAnOcean Posts: 7,718
    The Juggler wrote:

    also--the landlord could just have given up on the home already but decided to rent it out to someone in the time frame before the bank actually forecloses it (he could just pocket your money and not pay the bank). i've heard of a lot cases like this where renters get screwed over when the owner's just don't pay the mortgage.

    what bank is this? that's a respa violation for them to share the landlord's info with you...whole lot wrong with this situation. sorry to say dude.
    He didn't give up on it. He still owns it. The bank is Bac Home loans. The law firm is Pierce & Associates. I called the bank to get the info. I have the case number and all the information on it. If I don't trust him, I'll just call the bank myself every month to stay on top of the situation.. I do like the idea of being month to month at the 6 month mark. I don't see this place as long term, but rather as a first apartment for me and my girl.. I've never lived with her, so it may be a good thing if we are at each others throats in a few months. 8-)
  • The JugglerThe Juggler Posts: 48,572
    Gob wrote:
    The Juggler wrote:

    also--the landlord could just have given up on the home already but decided to rent it out to someone in the time frame before the bank actually forecloses it (he could just pocket your money and not pay the bank). i've heard of a lot cases like this where renters get screwed over when the owner's just don't pay the mortgage.

    what bank is this? that's a respa violation for them to share the landlord's info with you...whole lot wrong with this situation. sorry to say dude.
    He didn't give up on it. He still owns it. The bank is Bac Home loans. The law firm is Pierce & Associates. I called the bank to get the info. I have the case number and all the information on it. If I don't trust him, I'll just call the bank myself every month to stay on top of the situation.. I do like the idea of being month to month at the 6 month mark. I don't see this place as long term, but rather as a first apartment for me and my girl.. I've never lived with her, so it may be a good thing if we are at each others throats in a few months. 8-)

    just be careful. at least you know about it.

    bac--is that bank of america? they are not allowed to give you that info.......i can't even give out info to a borrower's wife if she is not on the loan without the husband's verbal consent. :lol:

    this article is a few years old, but this kind of stuff still is happening:
    http://www.washingtonpost.com/wp-dyn/co ... 03574.html
    www.myspace.com
  • LikeAnOceanLikeAnOcean Posts: 7,718
    The Juggler wrote:
    Gob wrote:
    The Juggler wrote:

    also--the landlord could just have given up on the home already but decided to rent it out to someone in the time frame before the bank actually forecloses it (he could just pocket your money and not pay the bank). i've heard of a lot cases like this where renters get screwed over when the owner's just don't pay the mortgage.

    what bank is this? that's a respa violation for them to share the landlord's info with you...whole lot wrong with this situation. sorry to say dude.
    He didn't give up on it. He still owns it. The bank is Bac Home loans. The law firm is Pierce & Associates. I called the bank to get the info. I have the case number and all the information on it. If I don't trust him, I'll just call the bank myself every month to stay on top of the situation.. I do like the idea of being month to month at the 6 month mark. I don't see this place as long term, but rather as a first apartment for me and my girl.. I've never lived with her, so it may be a good thing if we are at each others throats in a few months. 8-)

    just be careful. at least you know about it.

    bac--is that bank of america? they are not allowed to give you that info.......i can't even give out info to a borrower's wife if she is not on the loan without the husband's verbal consent. :lol:

    this article is a few years old, but this kind of stuff still is happening:
    http://www.washingtonpost.com/wp-dyn/co ... 03574.html
    I'm glad the bank is allowing me to be on top of it. Hopefully he pulls it out of foreclosure. My parents neighbors have been in and out of foreclosure for years. I should give the bank my info and ask them to keep me updated. Im also going to check again in the future. As a renter, I should have a legal right to know what is going on with my home.
  • The JugglerThe Juggler Posts: 48,572
    Gob wrote:
    The Juggler wrote:
    Gob wrote:
    He didn't give up on it. He still owns it. The bank is Bac Home loans. The law firm is Pierce & Associates. I called the bank to get the info. I have the case number and all the information on it. If I don't trust him, I'll just call the bank myself every month to stay on top of the situation.. I do like the idea of being month to month at the 6 month mark. I don't see this place as long term, but rather as a first apartment for me and my girl.. I've never lived with her, so it may be a good thing if we are at each others throats in a few months. 8-)

    just be careful. at least you know about it.

    bac--is that bank of america? they are not allowed to give you that info.......i can't even give out info to a borrower's wife if she is not on the loan without the husband's verbal consent. :lol:

    this article is a few years old, but this kind of stuff still is happening:
    http://www.washingtonpost.com/wp-dyn/co ... 03574.html
    I'm glad the bank is allowing me to be on top of it. Hopefully he pulls it out of foreclosure. My parents neighbors have been in and out of foreclosure for years. I should give the bank my info and ask them to keep me updated. Im also going to check again in the future. As a renter, I should have a legal right to know what is going on with my home.

    good luck
    www.myspace.com
  • LikeAnOceanLikeAnOcean Posts: 7,718
    I came across this.. Can anyone verify? Am I missing something? Can a signed lease really cancel out a foreclosure? Or is this only if a foreclosure happened after a lease was signed?

    "But on May 20, 2009, President Obama signed the "Helping Families Save Their Homes Act," which changed the rules. Quite simply, leases will survive a foreclosure, meaning the tenants can't be evicted, unless the new owner intends to occupy the home -- in which case the lease can be terminated with 90 days' notice. Month-to-month tenants, who were always subject to termination upon proper notice, can now be terminated after a foreclosure with 90 days' notice (which is as long or longer than any state's regular notice period)."



    http://www.nolo.com/legal-encyclopedia/ ... 29510.html
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