Condo we are renting got foreclosed!

[tom&tanya 48]

i believe you only read bad intentions into some posts... no one ever flat out told them to dont pay rent and just sit there for free doing nothing (i.e.just be a squatter). give people a break... get a glass of water, kick back, relax, put your feet up, take a chillpill. in a few hours the leonids will be shooting across the sky, after midnight till up to maybe 7am... look toward leo (the ? in the sky), enjoy the show

Oh my mistake ... I didn't realize this forum was a place to give people a break when they give wrong information to someone facing the loss of there place to live. I thought this person asked for accurate advise.

Peace out dude

[nab 74]

Oh my mistake ... I didn't realize this forum was a place to give people a break when they give wrong information to someone facing the loss of there place to live. I thought this person asked for accurate advise.

Peace out dude

if you felt they were suggesting for the OP to become a squatter perhaps you should have asked for clarification

night night

[NigeriaorBust 4,087]

As soon as the house was foreclosed on the person who they had been paying rent to no longer owned anything to rent to them. For that person to continue to collect rent is illegal. For them to hand money over to anyone other than the owner of the property is silly. The "lease" was broken the moment the ex owner let the house go. When you lease something there is an implicit understanding that the lessor has the right to lease to the leasee and that condition no longer exists. The ex owner can't evict them from a place they don't own, and can't damage their credit. So if these people can find someone with the right to conduct the transaction of renting to them they can persue that path . Right now handing money to the landlord is about like sending it to that long lost widow that is trying to get her husbands money out of the bank/country.

[Used to be broken 147]

They have been transferring the money directly into the Landlord's account, said they never had an address for the landlord just a phone number and he hasn't returned calls in quite some time.

Regarding the "Eviction showing on their Credit Report", I've been working with Credit Reports for 14 years and not once have I seen an eviction reported. Civil Suits can be listed but it isn't automatic and would be an additional expense to the landlord so it is rare.

An "eviction" is not what will show on a credit report, a judgement will appear after the landlord makes an appearance in court and files a claim..depending on what state it is for the unpaid rent. The rules for this differ from state-to-state, but that is how failure to pay the rent can negatively impact credit.

Even is the landlord does not go to the trouble of getting a judgement entered.. depending on the size of the operation and the property management tools available to his/her company it could end up as a negative finding in Saferent or some similar database used by property management companies, so if this person tried to move to a complex or other rental managed by a large real estate concern it could impact the future ability to rent a nice place.

There really was no mention of how large or small this landlord operator was , but its something to be aware of and like someone else said the "contract" albeit verbal is between the renter and the landlord, and the bank relationship is not material to his rent obligation. Its nice to have a warning shot, but who knows where this situation actually is, there are many foreclosure notices that do not end finally in a change of ownership of the property. he many have multiple properties and be selling one or two to cash out and catch up payments on this one. escrow the money or continue to pay until you move.

[luckytxn 2,264]

I am a landlord myself. I have never needed to worry about this so I am not too up to date about the law of foreclosure but this is what I do know. The whole difference is if the property is in foreclosure or it has been foreclosed already. If it is in foreclosure then the owner is still due the rent as usual until the court has rendered it judgement. If it has been foreclosed then the bank is the owner and rent must be paid to them. The one thing that I do know in my state and I am sure there are other states like this is a notice is placed on the entryway (or front door) telling the tenants or prior owner that the property has been foreclosed. On this paper it will have the name of the bank or institution and how to contact them. Do so right away and find out where to pay the rent. In my state until this is done (can be done by a process server) then the prior owner is still the owner and need to pay the rent to them.

A couple years ago a new federal law went into effect that gave tenants a right to stay in their home until given 90 days notice. This supercedes any state law. If there is a lease then the lease HAS to stay in effect and even a foreclosure does not undo the lease. If there is no formal lease or the lease is up and you are month to month then they have to give you 90 days notice to vacate. A lease can be shortened if a buyer takes over the property but they also have to give you 90 days to vacate but that is if they plan on moving into the home themselves and the lease stays in effect if they just plan on using it as a investment and not move in.

The reason I said before to put the rent in an escrow type account was because what the owner supposedly said to the other tenant to stay there until the bank made them leave. The bank will want their rent. If you pay the prior owner then make sure you can show you have done so to relieve you of responsibility from being sued.

Now I read here that a sheriff sale is happening so that usually means that the bank has already foreclosed and owns the property as a court has said so for this to happen. Many times the court just awards the property to the bank though. Either way there is supposed to be a summons placed on the property with all this info.

To make it simple. You do not get to live free legally. You owe someone the rent. They have to give you 90 days notice to move. If you don't pay rent you can be evicted and an eviction can be placed in a credit report. An eviction in my state is 10 days after I get the judgement. (I do believe it has changed in the last couple of years though but not by much) When the notice comes call the bamk and if the credit is good see about trying to buy if the price is below market value)

[luckytxn 2,264]

I should add that the security deposit has to be collected from whomever you had the lease with. To collect then you will have to file in small claims court. (The justice of the peace here in Texas) There is a way to place a lien on the property to collect it but you need to go to court where the foreclosure is happening and that seems past. Once you do get a judgement for the security deposit then it a simple matter to ask for a garnishment and use this at his business or place of work. (Also other ways) You can do this yourself and need no lawyer. Just go to the nearest justice of the peace and they will help you as they are always wanting to butt in everything and are very bored.

If the security deposit was the last months rent then just don't worry about the last months rent but make sure you have the lease handy to show the new property owners.

Wish I could be more help.

[piglett 16]

Just wanted to update everyone and let y'all know that I just found our condo on the foreclosure listing site for sale on my county sherriff's website. It's going to be auctioned off on Feb 1st.

I'm going to email the sherriff and ask him what he thinks I should do...

hey that mite be good for you

the person that buys the place mite just love the fact that they already have a renter in the place.

maybe you can draw up a contract with them & never have to move from where you now live.

do you like the place?

do you want to stay?

good luck

piglett