Rental House Foreclosure?

I wonder if your landlord is liable for your unplanned predicament?

I would...if they're not paying the note and collecting rent from you...they're just making themselves fat...and if the bank forecloses, you'll be left in the cold and might have to move out without notice....

i'm not out for blood, just happy i didn't take on a mortgage debt load right now. this is the joy of not having debt. i'm not really losing anything if i have to move.

If you have a lease the property will remain in your possession until the end of the lease term. The only way the lien holder can alter that is should they offer a buy-out and you agree to it.

no, i meant if they ARE taking my rental payment and paying the note. can they keep the house?

I believe there are provisions in the law recently which protect reters from banksters in a foreclosure. If you have a lease they may be bound to it to a certain extent. Many times the bankster will offer you money to move out. Take the second offer as the first might be low.

speaking of all this foreclosure business, does anyone think in a worst case SHTF scenario....that anyone is going to be enforcing repossessions and foreclosures?

I'm sure they can...as long as they're paying the note...they can't take the house.

A friend of mine ended up being forced into delinquency on property taxes by the bank (he paid all his taxes, but they refused to accept them. It was a big stink). His tenants ended up not having to pay rent for about 6 months, and then the properties were picked up by someone else who continued the leases--no sense ending leases that will earn you money.

I can't council you on this, as every situation is different and this was a case where shady dealings were going on. However, be advised that your lease is between yourself and the lessor, not between the owner of the property and yourself, if the property changes hands. Once the lessor does not own the property, you don't owe him a dime, because he's not providing you with any goods or services in return for your money (i.e., you'd be paying for bumpkis).

Keep your eye on it, and rest somewhat easily in the knowledge that a leased property is worth more than an empty property. The lease is an asset in and of itself.

wow, guess they didnt consider robo-signing, foreclosure and rentees bringing suit against everyone...hahahahaha...

boy are we scroomed at every level possible

fyi for everybody. there is no lease. verbal contract with family. i knew what i was getting into when i moved in. like i said, no worries on my end because ultimately i lose nothing. only thing in my name are the utilities.

^^^ This.

Yes, it depends on the type of bankruptcy the landlord will file for. You may simply be paying the rent to the lien holder instead of the landlord. It would be illegal to evict you if there is an enforcable lease in place.
Or, if it's a business bankruptcy (real estate rental being the business) they may be able to re-organize and continue under new loan terms. Then you continue to pay the rent directly to the property owner.

In that case the owner may be forced to "foreclosure by sale" and you'll need to renegotiate the rental terms with the new owner. You need to look into your state law regarding this.

i say congrats to me for not having pre-crash mortgage debt. 27. wife. 2 kids. end of story.

A house cannot be taken in Bankruptcy. This is a known fact

It's a low percentage play financially banking on any "worst case scenario". There will be no shtf cataclysmic event, more a slow grind into national poverty. In the meantime, creditors will scratch for every penny and it'll play out like a Dickens story.

agreed. was just saying. there's a lot of money left for the blood-suckers to suck from us, and that will take quite a bit of time, i think.