Re: Do I have to pay rent? Landlord in Foreclosure

Re: Do I have to pay rent? Landlord in Foreclosure by MassLL (MA) on January 23, 2012 @09:07

Your lease ended almost a year ago (Feb 2011) and the LL told you that the place was going into foreclosure and reduced your rent so you could save for a new place. So you have been saving money for a year by choosing to stay there.

You contradict yourself when you say that you will get 90 days notice to leave from the bank and then in the same sentence you say will be evicted the next day by the bank. The legal procedure is that once that bank truly owns the place, they will give legal notice to leave (usually known as "notice to quit") maybe 30 days, maybe 90 days (whatever the legal number of days is). If you do not move out, then the bank will file eviction and that process takes months. So the house is not being "randomly" taken from you. You've known about this for a year and you've got a few more months to live there.

You're are trying hard to stay in the house. Ask the landlord if the bank will be willing to sell it to you. Often times, banks will short sell a place in order to avoid the cost, time and hassle of foreclosure and eviction.

If you don't want to buy it, take advantage of the money you've saved over the past year and of the low rents that snow states have in the winter months. Start looking at rentals now while they are cheap. You will be able to move into a nice place for a lower rent at a time of your choosing. If you wait until the bank gets eviction judgement against you, you will have to move into whatever you can find.

You have an opportunity here. Take it.

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