Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Laura asks…

Just finding out our rental home is in foreclosure in Florida. Does that mean we can withhold our rent money?

We have just realized our home is about to be in foreclosure. Our landlord doesn’t know that we know this. We are currently paid until the end of June. In the eyes of the law, what does this mean? Should we continue to pay rent, or withhold that money so that we can move? Does this make our lease “null and void” once it goes into foreclosure?
In response to that last answer, MAYBE BECAUSE THIS LADY IS TAKING OUR MONEY AND USING IT TO PAY HER MORTGAGE ON ANOTHER HOUSE WHILE WE ARE SITTING HERE WITH CHILDREN, NOT KNOWING WHERE TO GO OR WHAT TO DO. What would even make YOU think I want some lady taking our money when she’s NOT PAYING THE MORTGAGE ON THE HOUSE I’M USING TO SHELTER MY FAMILY??????????????

Your Questions About Foreclosures

The Expert answers:

You are required to pay rent to the current owner of the property. When the foreclosure is finalized, then you’ll probably have 90 days to move. Check with your local agency on this. Also check with the lender. Foreclosure is not an overnight action. It requires court action to approve the foreclosure and for the lender to take back the house.

What Can a Foreclosed-Upon Tenant Do?

Renters whose states follow the “first in time, first in right” rule, where a lease can be wiped out by a foreclosure if the mortgage was recorded before the lease, will not be able to convince a court to change that rule. But tenants who learn that their new landlord is a bank can at least lessen the financial consequences by suing the former owner. Here’s how it works.

After signing a lease, the landlord is legally bound to deliver the rental for the entire lease term. In legalese, this duty is known as the “covenant of quiet enjoyment.” A landlord who defaults on a mortgage, which sets in motion the loss of the lease, violates this covenant, and the tenant can sue for the damages it causes.

Small claims court is a perfect place to bring such a lawsuit. The tenant can sue for moving and apartment-searching costs, application fees, and the difference, if any, between the new rent for a comparable rental and the rent under the old lease. Though the former owner is probably not flush with money, these cases won’t demand very much, and the judgment and award will stay on the books for many years. A persistent tenant can probably collect what’s owed eventually.

Your Questions About Foreclosures

Carol asks…

Tenants rights when home in foreclosure?

We are renting a home in Florida and we just found out the home is in forclosure. The mortage has not been paid since December 2007 and we have paid our rent in full every month. I know that foreclosure can take time, and we have a reasonable period in which to find another place to live, but is there anything we need to do to protect ourselves? A process server delivered the documents to us last night and said we have 20 days to respond. I have no idea what we are responding to. Any help would be greatly appreciated.!!
The papers are copies of the foreclosure documents that have been delivered to the owners. She said that legally, as tenants of the house we had to be informed that the house was in foreclosure.

Your Questions About Foreclosures

The Expert answers:

Your lease no longer is valid.

That doesn’t always mean the lease-holding tenants have to leave immediately — but those who remain join the ranks of month-to–month renters, all of whom can be terminated with proper notice, usually 30 days. And the new owners tend to move quickly to terminate, giving as little notice as is legally possible.

However, if it’s continuing as a rental property, it makes no sense to evict you.

More info:
http://www.nolo.com/article.cfm/objectId/B8CE60DC-0D00-4E6B-8DC71AF1165C89EA/104/138/139/ART/

Add: With your new information, yes, you are just receiving copies of papers that were sent to your landlord.

Your Questions About Foreclosures

Maria asks…

What is McBush going to do about the (economy) million of homes that are now in foreclosure?

Will McBush say, “Let them eat cake?” while he sends millions to continue the war in Iraq and start a new one in Iran

More than a million homes in the U-S are now in foreclosure, a staggering figure that shows how hard the economy is hitting millions of Americans.

A report by the Mortgage Bankers Association shows the rate of both home foreclosures and late payments set records in the first quarter of this year, the highest in nearly 30 years. And, it’s only expected to get worse. The group says the slump in housing prices was the biggest factor for more foreclosures and late payments. And, there will likely be more in the months to come since home prices are expected to keep dropping.

Some states are especially hard hit: California, Florida, Nevada and Arizona accounted for 89% of the increase in new home foreclosures. These are states where the prices dropped sharply and there was too much supply due to a lot of construction.
Sunshine: You get an A+++++
Tuckstop: McWar…Good one..

Your Questions About Foreclosures

The Expert answers:

He’s going to do nothing. Why should he help anyone but himself? That’s the republican way!

Your Questions About Foreclosures

Mandy asks…

Is it difficult to buy a home with cash?

I would like to buy a home in Florida with cash but most of the houses are in Short Sale or Foreclosure. If a home or townhome is selling for 105,000 and I offer $100,00 or $90,000.00 cash would that be ok? What are other hidden fees would there be if there are leins or encumbances on these homes?

Your Questions About Foreclosures

The Expert answers:

As long as you go through a proper title search with a title company, liens and encumberances won’t be a problem. You’ll know about them beforehand and can decide whether or not to proceed. You should also spend the extra money to get an ALTA policy so that if one shows up in the next year, yor are not liable for it.

Cash isn’t a problem. Where the problem with Short Sales is is with the bank taking their sweet time to approve the offer (some banks around here have been taking 6-12 months). And with Foreclosures, you need to be sure you get a really really really good inspection. People are trashing the homes as they vacate and the bank basically does a “see no evil, hear no evil, speak no evil” monkey routine when selling.

Your Questions About Foreclosures

Betty asks…

Florida is leading the nation in home foreclosures, and so many construction workers have no jobs now?

what happens now?

Your Questions About Foreclosures

The Expert answers:

Recession.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures