I just signed a new lease and when I checked the mailbox it was full of mail advertisments offering services for the foreclosure listing. I went online to check the public records and the mortgage company had filed Lis Pendens in September. What do I do?
6 Comments to “What are my legal rights if the condo I am renting goes into foreclosure?”
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martimas77 said:
On January 27th, 2008 at 3:47 pm
get a lawyer, you should also plan on moving!
Judy said:
On January 27th, 2008 at 7:05 pm
You probably don’t have any rights if the condo goes to foreclosure. Sorry.
rose said:
On January 28th, 2008 at 9:28 pm
I would contact the lender or the lender’s attorney that recorded the lis pendens, and ask this same question of them.
I would also ask the lender if they have done anything in the court case that would require you to pay rent to them as opposed to the landlord.
acermill said:
On January 30th, 2008 at 12:04 pm
In a foreclosure, the lender does not assume existing leases. When the foreclosure action is completed, you will receive a notice from the new owner (probably the lender) telling you that you have to vacate the premises within a certain number of days. There’s a chance to make some money here. Many lenders offer ‘cash for keys’ , which simply means that they will give you cash if you leave quickly and willingly, so they don’t have to go through an eviction process.
However, if you paid any security deposit to your current landlord, that won’t travel forward to the new owner either, and you will probably have to initiate a small claims court action against the current landlord in hopes of recovering the deposit.
!!! said:
On January 31st, 2008 at 3:01 am
If you want to be shrewd about this, call the lender and ask them if the mortgage is assumable(if you can afford the existing mortgage payments).
If the mortgage is not assumable and you can afford the payments apply to the lender for a mortgage loan or ask them if you can still rent the condo till it’s sold. If not, it’s time to move.
foreclosurefish_com said:
On February 2nd, 2008 at 10:55 am
You have the right to sue the landlord for not disclosing the material fact that the property you would be renting was being foreclosed. That would certainly be a good reason to get back a security deposit or any months of rent that you paid up front.
But you do not have the right not to make the rent payments as long as you are living there. If you take advantage of living in the property, then you have to live there by the terms of the lease, which means paying rent for space and the quiet enjoyment of that space.
You can move out and try to get your money back that you’ve already paid and sue if the landlord isn’t cooperative. But you can’t try to live there for free during the foreclosure. That’s unfortunately about the extent of your rights in this kind of situation.
On January 27th, 2008 at 3:47 pm
get a lawyer, you should also plan on moving!
On January 27th, 2008 at 7:05 pm
You probably don’t have any rights if the condo goes to foreclosure. Sorry.
On January 28th, 2008 at 9:28 pm
I would contact the lender or the lender’s attorney that recorded the lis pendens, and ask this same question of them.
I would also ask the lender if they have done anything in the court case that would require you to pay rent to them as opposed to the landlord.
On January 30th, 2008 at 12:04 pm
In a foreclosure, the lender does not assume existing leases. When the foreclosure action is completed, you will receive a notice from the new owner (probably the lender) telling you that you have to vacate the premises within a certain number of days. There’s a chance to make some money here. Many lenders offer ‘cash for keys’ , which simply means that they will give you cash if you leave quickly and willingly, so they don’t have to go through an eviction process.
However, if you paid any security deposit to your current landlord, that won’t travel forward to the new owner either, and you will probably have to initiate a small claims court action against the current landlord in hopes of recovering the deposit.
On January 31st, 2008 at 3:01 am
If you want to be shrewd about this, call the lender and ask them if the mortgage is assumable(if you can afford the existing mortgage payments).
If the mortgage is not assumable and you can afford the payments apply to the lender for a mortgage loan or ask them if you can still rent the condo till it’s sold. If not, it’s time to move.
On February 2nd, 2008 at 10:55 am
You have the right to sue the landlord for not disclosing the material fact that the property you would be renting was being foreclosed. That would certainly be a good reason to get back a security deposit or any months of rent that you paid up front.
But you do not have the right not to make the rent payments as long as you are living there. If you take advantage of living in the property, then you have to live there by the terms of the lease, which means paying rent for space and the quiet enjoyment of that space.
You can move out and try to get your money back that you’ve already paid and sue if the landlord isn’t cooperative. But you can’t try to live there for free during the foreclosure. That’s unfortunately about the extent of your rights in this kind of situation.