How to protect yourself from a house landlord that may being going into foreclosure?

Similar questions: protect house landlord foreclosure.

You must continue to pay until you get a notice from the bank and that is when the landlord...more. How to Protect Yourself if your Landlord goes into ForeclosureBy Jerrie Dean, eHow MemberStep1Your agreement is with the landlord and not the bank. If you hear rumors that the landlord is going into foreclosure you cannot stop paying your rent.

You must continue to pay until you get a notice from the bank and that is when the landlord no longer owes the property. Step2You may receive a notice in the mail or you may see a posted notice. If during this time you are asked to move by the Sheriff, or you receive a notice to vacate, you must contact an attorney or a tenant landlord association, or legal aid for advice.In most cases, you do not have to move.

Step3If you cannot locate your landlord or if they refuse to take the money any longer (in California it is against the law for a landlord to receive rent when in foreclosure) put your rent into a separate bank account. You may receive a notice from the bank asking for rent for past months and if you do not have it they will give you a 30-day notice. Note that foreclosure sales take time and it may be 30-90 days before you receive a notice.

Step4If you did not know that the property has been foreclosed on and you did pay it to the landlord your receipts may help prove that the new owner must collect from the old landlord and not from you, plus it will help if you have to take your old landlord to court to get your rent back. Step5You may or may not receive a notice, but if you do, read it carefully and try your best to understand it. You will need to file a response and this will be the way you will protect your rights as a tenant.

Step6One of your concerns during this time will be your security deposit. The old landlord is obligated to transfer your security deposit to the new owner, just like a sale if there was no foreclosure.In some states an owner of a rental property is required to keep security deposits in separate bank accounts. Step7The same rental agreement that you held with your old landlord will transfer to the new landlord, so your new landlord can not tell you to move because you have a cat, for example.

Step8If all communication with your old landlord has ceased and you are waiting to find out what is going on, you may want to call the water company and electric company if your landlord was paying the bill, to see if you can find out if the bill is delinquent. You don't want to suddenly not have any utilities because the landlord stopped paying for it. Step9When you find out that the property is undergoing foreclosure and you have a month to month rental agreement you can move at any time, with a 30-day notice.

If you have a lease, you'll have to negotiate with your landlord to leave early, as he still owns the property even though he may be in default. Most landlords will want to continue receiving rent from you until they no longer own the property. So, keep your receipts, you may never know exactly when that day will be.

Sources: http://www.ehow.com/how_4591601_protect-yourself-landlord-goes-foreclosure.html .

Here's an eHow article which I think can be very helpful for you. How to Protect Yourself if your Landlord goes into ForeclosureBy Jerrie DeanThere are many of American families that are losing their homes because the owner of their rental units has defaulted on their loan. If you are one of those families, here is what you can do to help protect yourself.

INSTRUCTIONSStep1Your agreement is with the landlord and not the bank. If you hear rumors that the landlord is going into foreclosure you cannot stop paying your rent. You must continue to pay until you get a notice from the bank and that is when the landlord no longer owes the property.

Step2You may receive a notice in the mail or you may see a posted notice. If during this time you are asked to move by the Sheriff, or you receive a notice to vacate, you must contact an attorney or a tenant landlord association, or legal aid for advice. In most cases, you do not have to move.

Step3If you cannot locate your landlord or if they refuse to take the money any longer (in California it is against the law for a landlord to receive rent when in foreclosure) put your rent into a separate bank account. You may receive a notice from the bank asking for rent for past months and if you do not have it they will give you a 30-day notice. Note that foreclosure sales take time and it may be 30-90 days before you receive a notice.

Step4If you did not know that the property has been foreclosed on and you did pay it to the landlord your receipts may help prove that the new owner must collect from the old landlord and not from you, plus it will help if you have to take your old landlord to court to get your rent back. Step5You may or may not receive a notice, but if you do, read it carefully and try your best to understand it. You will need to file a response and this will be the way you will protect your rights as a tenant.

Step6One of your concerns during this time will be your security deposit. The old landlord is obligated to transfer your security deposit to the new owner, just like a sale if there was no foreclosure. In some states an owner of a rental property is required to keep security deposits in separate bank accounts.

Step7The same rental agreement that you held with your old landlord will transfer to the new landlord, so your new landlord can not tell you to move because you have a cat, for example. Step8If all communication with your old landlord has ceased and you are waiting to find out what is going on, you may want to call the water company and electric company if your landlord was paying the bill, to see if you can find out if the bill is delinquent. You don't want to suddenly not have any utilities because the landlord stopped paying for it.

Step9When you find out that the property is undergoing foreclosure and you have a month to month rental agreement you can move at any time, with a 30-day notice. If you have a lease, you'll have to negotiate with your landlord to leave early, as he still owns the property even though he may be in default. Most landlords will want to continue receiving rent from you until they no longer own the property.So, keep your receipts, you may never know exactly when that day will be.

And my advice is, know your rights and read the helpful articles you can find on these sites:Is Your Landlord Headed Into Foreclosure? Do Your Researchhttp://thinkdebtrelief.com/debt-relief-blog/uncategorized/is-your-landlord-headed-into-foreclosure-do-your-research/Tenants and Foreclosurehttp://tenantsforeclosure.blogspot.com/ Sources: http://www.ehow.com/how_4591601_protect-yourself-landlord-goes-foreclosure.html .

Here is an article about what to do when your landlord forecloses. Tenants living in homes or apartment buildings that are now in foreclosure are possibly the largest segment of Americans who have been forgotten during the foreclosure crisis. Many of them have leases in effect with landlords who have not paid the mortgage in months, and renters are also helping to finance the bailing out of the housing market, Wall Street, and possibly even the auto industry.It would seem logical for them to try and get something for nothing and stop paying rent, since everyone else seems to be doing it.

Unfortunately, renters living in homes that are going through the foreclosure process still have to pay rent as long as the landlord is the legal owner of the property and the tenants have a contract with him to lease his property for their own use. The contract will still remain in effect throughout the foreclosure, because foreclosure is a legal process that is dealt with over time in the court system. Thus, just because a landlord has defaulted on his mortgage contract right now does not make the tenants' lease contract with him void.

However, if the mortgage does go all the way through foreclosure and he loses the home, then the renters will not have to pay him anymore. Since the foreclosure eliminates his ownership interest in the property and transfers it to the high bidder at the sheriff sale, the landlord has no more right to collect on the lease agreement.In other words, landlords can not enforce the rental contract once the foreclosure is over and they are no longer the owner of the home. But until then, tenants have to keep paying if they wish to remain living in the property.

And even after the house has been auctioned off, there will be a new owner who may decide to keep the lease agreement in place, so it would be a good idea for renters to continue saving money even after they no longer pay rent to the original landlord. But if the landlord does manage to pull out some miracle and save the home before it is sold, tenants do want to be caught falling behind on rent payments. If this happened, the owner of the property could sue the renters to have them evicted or take their security deposit or any other damages he can obtain in court.

This would be an especially bad situation for tenants to be in - refusing to pay rent because the house is in foreclosure, only to become the ones in default themselves if the owner fixes the situation. Of course, this resolution of the foreclosure may seem pretty unlikely if the landlord is already numerous months months behind, but predicting the future is impossible. The owner could hire an attorney, or negotiate a mortgage modification, or have enough equity in the home to qualify for a foreclosure loan with a specialized equity lender.

In any case, it is always better to be prepared for the best and the worst outcomes of a foreclosure. Sources: ezinearticles.com/?Should-You-Pay-Your-L... .

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" "Which former Heavyweight Boxing Champion's house is in foreclosure?

Looking for software to protect kids from accidentally visiting inappropriate websites.....

I just move to where am living a month now and found out the house on foreclosure. What is my rights?

Our landlord foreclosed on the house we're currently renting from them. How long do we have to move out?

Someone is living in my foreclosure house that was rented by someone unknow... What can I do.

I have money in my bank account but my house is in foreclosure.

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