Ask Any Of Your Loan Topic Questions

The house I'm renting is being foreclosed?

not legal so no calls 2helpline - 2008-10-02 12:44:56 - Renting Real Estate

I've been renting my home for 2 1/2 years. In August I found a letter in my mail box addressed to the owner of the home. It was from Washington Mutual stating that the house was 3 months behind on the loan and she needed to contact them. I called the property manager and they claim they knew nothing about it and they would try to contact the owner. That was two weeks ago. Then yesterday there was a knock on the door. My husband didn't answer. A few minutes later he went outside and there was a letter stating that it was an appraiser from Washington Mutual to look at the house and the owner needs to contact them. Yet again I called the property manager and they claim they still can't get a hold of the owner. I went down to the county clerks office and the owner is still in possession of the house. So, what should I do? How long do I have in the house before I have to vacate? My lease states that I have to remain on the property until the end of the lease and if I move before then I have to find someone to take over the lease or I would still be liable. So can I leave without an eviction being put on my credit?

Best Answer:

Why didn't your husband answer the door? That was really weird. He could have asked questions then, gotten at least some answers. The bank will let you know when the foreclosure completes and you have to move. They will give you 30 days, may offer you money to leave with it relatively clean.

Answers:

Contact the property manager and tell them that, since a foreclosure on the home is imminent, you would like to find another place to live and discontinue the current lease. If he balks, stress how difficult it would be for you to find another place to live on short notice when the foreclosure happens and you would appreciate the additional time now to find another place to live. Any reasonable property manager should allow you out of the lease on the grounds that foreclosure is imminent.

I would write a letter to the owner, stating that the home in question is being forclosed on, and that you were not aware of this. And, if you are forced to vacate, you will not be held liable for anything. Also, if you paid him or her rent, then you really should consider getting a lawyer, because the owner obviously did not take care of paying the morgage on the home.DOCUMENT everything! I would check the contract that you signed, and see if there are any provisions for if the leaser cannot maintain the house, etc... that would keep you from being obligated to find another rentor. The property in question will ultimately be the banks, and then it will go into auction, and they shoud give you 30 days to vacate. It could take 30 to 90 days for all of this to happen. Good luck.

you are in a situation a lot of people are now facing. if washington mtl sent someone out, you can be assured they are in foreclosure. contact the property mngr and talk to them about the situation and let them know you want out of the lease with a 30 day notice to them without having any bad things placed on your credit and see what they say. foreclosures can take awhile but it sounds like it is progressing. the county clerk will not have the mtg listed as owner until the process is finalized and by then you will be out of a place to live.

No you sure can't the landlord could become current on the mortgage at any time. You will only be out of the lease once the bank takes over.

Why didn't your husband answer the door? That was really weird. He could have asked questions then, gotten at least some answers. The bank will let you know when the foreclosure completes and you have to move. They will give you 30 days, may offer you money to leave with it relatively clean.