Thursday, February 11, 2010

How can I remain living in a home rented to me under false pretenses and is now owned by the bank?

The house was foreclosed and now the bank owns it and I have to move in 2 weeks. I am not the original owner but the place was rented to me.How can I remain living in a home rented to me under false pretenses and is now owned by the bank?
No, you have to leave. The bank can not be a landlord.





Foreclosure nullifies all leases.How can I remain living in a home rented to me under false pretenses and is now owned by the bank?
Typically the note the mortgagor signs with the bank provides clauses that will supersede a lease agreement. Most banks do not want to be landlords but there are occasions where they will enlist a property management company to act as their holder for you to buy on a contract for deed (lease option) if you yourself do not qualify to buy the home through a Realtor from the REO or bank owned property division- a Realtor in your area maybe able to tell you if such potential is available. Unfortunately your current course of action is a civil suit against the landlord for breach of contract. It is rare for a bank to utilize property management but not impossible- a company in Florida called DSD homes is one such instance where this technique is working.
Legally, you must move in two weeks.





In reality, you can stay there until the sheriff's force you out. People where I live (Southern Calif.) are remaining in foreclosed homes, rent free, for six months and more following foreclosure, because that's how long it takes for banks to get all the necessary paperwork processed.
Just what is your question?


Foreclosure voids any lease you may have. You can ask the bank for more time, or whether they would consider renting the home to you with a new lease. Sometimes they will pay your moving costs because they aren't giving much notice. May is an excellent time to find other housing.
NOt unless you are able to work something out with the bank to either purchase it. Most banks are not wanting renters. They want the house empty so they can sell it.





So sorry you're in this position. It's happening to many people unfortunately.
Ask them if you can buy it. You may get a deal if you are saving them the expense of a Realtor and the time to market the property.
sorry but you have to move when the lease runs out or the new owner gives you notice.
ask the bank to sell it to you
You don't. You have to leave. NOW!

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