Our landlord went bankrupt and now our house is owned by the courts.?
If the house sells, do we have to vacate before our original lease ends? To prevent foreclosure, how would we go about taking over the loan our landlord had?
If the house sells, do we have to vacate before our original lease ends? To prevent foreclosure, how would we go about taking over the loan our landlord had?
Technorati Tags: foreclosure, landlord
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If the house you live in goes into forclosure, see if you can get the information needed to purchase the house as a forclosed property. By doing this, you will save tons of money, and your house will really be yours.
September 5th, 2010 at 11:51 pmContact the court with your questions, they will be able to assist you with correct information.
September 5th, 2010 at 11:51 pmyou cant take over the old loan but you can try to qualify for your own loan and talk to the bank that owns the home and tell them you are interested in purchasing it – tricky – good luck but I think you’d be better off moving and or buying your own home somewhere else (if the bank is in process of getting the home out of the owners name into their name to sell it they wont’ respond well to you because most are swamped with foreclosures) they probably wont’ pay attn to you until they (the bank) have the legal right to own/sell the home
September 5th, 2010 at 11:51 pmA lot depends on exactly whom ownes the property.
In a normal bankruptcy, a house is usually protected. Additional properties are not.
In a normal foreclosure, there is a long period after the foreclosure is started and the owner actually looses the house. This is so the owner has a last chance to redeem the loan and get it restarted.
It might be shorter as part of a bankruptcy since the owner is trying to get out of his loans.
A lot depends on the value of the home vs the outstanding loans.
A lot of properties that were bought under the loose loan policies AND towards the value peak for houses have inverted loans where it costs more to pay off the loan than the house would sell for. That would complicate things since there is not going to be anything until the bank owns the property and decides to minimize their loss.
If the owner owes less than the property is worth then there would be the possibility that the owner would agree to a quick sale to help them through the bankruptcy.
Who are you making your rent payments to?
They would be the person I would contact first to ask about a sale.
I would also try to find out who holds the mortgage. If the redemption period is almost finished, they may be willing to accept a halfway reasonable offer from you so that they don’t get stuck with a property. Banks really don’t want to be property owners. They may be very willing to take a legitimate offer than to risk what they may get at auction.
Ask both parties and see who will give you a better deal.
If the owner makes you an offer to sell you the property, I would deffinately get a lawyer to look over the papers. Some people who are in financial messes, have been known to try to pull a fast on on people.
A bank is not as likely to try to cheat you but it would be good to have someone knowledgeable about difficult mortgage details check out their paperwork.
I would also consider asking a real lawyer or housing authority from your area about the lease requirements. No one here has legal ability to give you reliable information.
September 5th, 2010 at 11:51 pmYour state may have laws that affect your lease.
Consider talking to the mortgage holder (if you don’t actually end up buying the house) about the lease terms and possibly signing a lease with them that gives you a specified amount of time as notice before you would have to leave.
your pretty much screwed, you can get a hold of the bank that owns it and ask to buy the house but sometimes it doesn’t work. Your lease is void since the landlord is no longer in charge of the property, however if you paid any deposit you should still get that back.
September 5th, 2010 at 11:51 pmyou could go to court house bid on home or if sell on court house steps or contact court or hire a attorny you may have to move so be ready start packing sorry to see you move over the land lord mistakes wish you the best good luck i hope this give you the best answer
September 5th, 2010 at 11:51 pmHow did you find this out? Did you get a notice or something? I would try to get contact info and send correspondence to the bankruptcy court to find out how to make an offer on the home. Also, go talk to a mortgage broker and get "pre-qualified" for a mortgage–hopefully the amount with equal or exceed what is owed on your current home. If you can find a good mortgage broker willing to work with you for the commission on the mortgage, you might not need an attorney or a realtor, too (I’m just trying to help you cut costs), but if you aren’t savvy about real estate, both or at least one or the other wouldn’t be a bad idea.
September 5th, 2010 at 11:51 pmIs this another Yanki question in the UK pages ??
September 5th, 2010 at 11:51 pmIf a UK problem go to the CAB firstly and the new buyer will purchase knowing it has sitting tennents and the price he pays will reflect this.. You may find your council or housing association will be guided by the courts to take them over in the short term ..
Speaking about foreclosures and loans in general, besides certain regions, it is necessary to know the reasons of foreclosure changing. Rather good information about foreclosures I found on the forums of Fizber: http://fsboforum.fizber.com/showthread.php?t=433
September 5th, 2010 at 11:51 pm