Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Helen asks…

The home I rent is being listed as a short sale and it is currently in foreclosure?

My lease (it went from a 1 year lease to a month to month in August of 2009, but the lease states that in the event the property goes month to month that all terms and conditions stay the same, with the exception that either party may terminate the contract with a 30 day notice.) states that the landlord must give me 120 days notice prior to listing the home for sale, however as of right now I still have NOT received anything in writing and have not heard from the owner, but my property management company called yesterday to let me know that the property is in foreclosure and that the owner has hired another realty firm to list the property as a short sale. My property management company then issued the owner a 30 day notice to terminate their property management agreement, they also told me that the owner has not paid the mortgage since August 2009 and that it will go to trustee sale in early June (the default was filed early Feb. 2010). I just paid my March 2010 rent on Friday and today I get a voicemail from the owners “selling agent” telling me that I have to show the house and that he is coming to inspect the home later this week as he has now retained the listing on the property. Do I HAVE to let him inspect the home? Do I have to let them show the home? I have yet to receive any notice from the owner stating that he is either giving me a 30 day notice to vacate, nor the 120 day notice of his intent to sell. My property manager also told me that when they asked the owner about my security deposit that he stated he no longer has it as he had to use it to try to keep up the mortgage payments. What can I do? I do not have the money to move as I just paid my rent for this upcoming month, and it appears I will not be getting back my deposit. ARGH! Help please!
I understand that I have now been given notice as of yesterday, however as I have already paid my rent for March, does that not allow me to live in peace for the month of March and then allow the property to start getting shown 30 days AFTER I was given notice? And how do I recoup my deposit? It’s obvious I can’t sue for it as the owner has no money. The agents message said that the owner would discount my rent by $100 per month to allow for the disruption, my current rent is $1700 so $100 doesn’t do much for me, nor does it repay my security deposit.

Your Questions About Foreclosures

The Expert answers:

Get ready to move. Sounds like the owner no longer owns the home, and that the bank is taking over. I’d start looking for a new place to live, and stop sending money to your landlord – sounds like he hasn’t used your rent to pay the mortgage.

You may want to consult your city attorney and discuss landlord-tenant law with them, and see what rights you have, and any protection you have at this point. But it sounds like the place is going to be sold, whether you like it or not.

Your Questions About Foreclosures

Carol asks…

Could I get another loan for a foreclosure while I’m doing a short sale on my original home?

My wife and I are splitting up and I would like to know while we are doing a short sale could I go out and get another loan for a foreclosure that are out there?
If so what direction should I go.
Need your help, anyone so I don’t have to live in an apartment for double the amount.
How about doing a rent-to own? for 3 yrs?

Your Questions About Foreclosures

The Expert answers:

Logically, no.

Your Questions About Foreclosures

Daniel asks…

How do I write a 30 days notice for my tenant in order to short sale?

I am planning to short sale my home in order to avoid foreclosure. I need to inform my tenants and perfer them move out during the sale.

Your Questions About Foreclosures

The Expert answers:

Do you have written lease with tenants? If so, lease survives your short sale. If tenants are month to month, then give them 30 days notice of termination of tenancy. No reasons needed, just 30 days advance notice, in advance of date rent due. . . .notice now, means occupancy ends at end of November.

Your Questions About Foreclosures

Sharon asks…

Will a bancruptcy filed at 1:30 pm on a foreclosure that was auctioned at 10:30 am of same day, stop the sale?

Filing a BK is supposed to stop a lender from being able to auction off home in foreclosure. If the auction was scheduled for 10:30am and the BK wasn’t filed until 1:30pm, would the lender be able to buy the home back? Does the actual ‘time of day’ BK is filed determine the outcome of a sale or not?

Your Questions About Foreclosures

The Expert answers:

The property may not be sold at auction. Such being the case the property would revert back to the lender as owner so the BK would have no bearing as you are no longer the owner.
If you filed BK before the actual foreclosure it would have put a stay on the property in which the trustee of the BK may remove it from stay to allow the sale in the case of a short sale

Your Questions About Foreclosures

Joseph asks…

My home went up for a Trustee sale (Foreclosure) today and no one showed up from the lender or atty-now what?

My home was schedule for a Trustee’s Sale today. However, no one from the lender or trustee’s (attorney’s) office showed up to conduct the sale. I had cancelled my insurance and utilities effective tomorrow. Now what??? The property is in Virginia. It was published in the newspaper and was on the Trustee’s website. Help!! I can’t reach anyone from the attorney’s office and the lender says that is who I need to speak with. Any comments or suggestions are greatly appreciated. (No smart-a** answers either, please)
The sale was supposed to happen on the Court House steps. I spoke to the attorney’s (trustee) office this morning and all was a “GO”. Due to family health issues, I am unable to save the house. I was never formally “served” papers about the sale as I am now 1000 miles from the property. No letters were even forwarded from my old address. It just seems like they screwed something up and are trying to fix things without letting me know.

My main concern is that I cancelled the insurance since I thought the sale was going through today. I guess I should call tomorrow to reinstate the policy. What do you guys think??

I appreciate all of your responses. Thanks!

Your Questions About Foreclosures

The Expert answers:

There are several things that could have happened.

The sale could have been postponed for a number of reasons.

The sale took place at the county court house.

A Buyer stepped in to buy it before the sale occured.

The bank just let the foreclosure go through and did not accept bids, and will put it on the market to sell with a realtor.

I can’t even think of all of the things there are so many posibilities.

I’m assuming you are ready to move, so go ahead and start over at your new place. There is no reason to hang around there any longer.

Best of luck

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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