Re: foreclosure tenants - Landlord Forum thread 202407

Re: foreclosure tenants by Anonymous on June 1, 2010 @19:07

You had to know that a foreclosure action was imminent. To begin with, you would have received letters starting at three months and continuing on until now. You had to have calls in that vein. You rented a property that you are not absolutely sure you will have ownership or control of in six months. Even if the lease is up in Feb, your bank can and will petition for the rents. One of the FIRST questions they ask is if it is a primary residence and if it is a rental they accelerate and go for the rentals. Your tenants should not have done that; you can take that up with them, but at least they know now. To not tell them was not cool--you were hoping for two to six more months of gravy off the back of the tenants and bank while the tenants might have to vacate after three, depending on how fast the bank acts. You will not get your rent after this goes to court. You will be asked about knowing about this when you made the contract. I am sorry, this can be viewed as nothing more than a last ditch gravy train ride. You dealt in bad faith, so it appears, regarding the tenants legal rights in the property. Your rights are subordinate to the banks so you can't deliver what you promised. Soo my bet is that your bank accelerates as you do not have the same rights in your rental property as a primary residence and that the other Feb date will be vacated by the Court and that the rents will go to the mortgage co.

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