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Re: Do I have to pay rent? Landlord in Foreclosure
by Bryan (Ia)
on January 22, 2012 @13:17
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He owns the house until it foreclosed.
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Re: Do I have to pay rent? Landlord in Foreclosure
by Anonymous
on January 22, 2012 @13:24
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how do i know just pay him and hope he tells me that its not his anymore? does the bank put something on my door? i just feel like i could leave before this doodie even happened if i wasn't wasting my rent and paying his other bills, its not like ive ever missed a payment he shouldn't have even lost the house. Its clear my money has been going elsewhere for over a year and ive signed nothing im not in a month to month contract by any means
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Re: Do I have to pay rent? Landlord in Foreclosure
by Bryan (Ia)
on January 22, 2012 @14:21
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Your focusing on the wrong thing. The rent you paid was income to the LL. He is allowed to use it in for any purpose he decided. Maybe he lost his job and used it for other bills, like his house payments or food. Maybe he had unexpected medical expenses and paid those first.
Whatever happened, I'm sure he didn't start out by purchasing 2 rental properties with the intention of ruining his credit by letting them be foreclosed. He also has went beyond his legal requirements by notifying you and reducing your rent so that you could save to find another place. It would appear that he will let you know when he no longer owns the property and most likely will tell you who to pay at that point.
You have established a M2M lease simply by continuing to pay the rent. Even if there was a provision in the lease that you had to sign a new one for the M2M to be effective, the practice that has been established will be construed by the courts as a defacto lease.
Now, will the bank notify you? I have no personal knowledge, but I understand that they will mail a notice to the "occupant" of the property. If you want more detailed info, google "protecting tenants at foreclosure". You should find more accurate info there.
In the mean time, pocket the money you are gaining by the reduced rent. Use to pay a new SD and 1st month's rent when you find another place. I'm sure when the bank gains title, they will give you a 30 day termination notice. Banks don't tend to like to be landlords and will remove tenants from a foreclosed property as soon as they can.
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