We are near the end of our lease on his new 3b/2b house. I called the owner %26amp; he told me wasn't "sure what he was going to do with the house but in all good conscience for my minor son he couldn't renew my lease %26amp; he would let me live out the security deposit instead of the last month's rent. I paid 1 month first %26amp; 1 security deposit to be returned at the end of the lease which runs out 6/23/08. So while not crazy about having to move again I appreciated his being upfront Then I get a letter that he is late on the mortgage (first time) %26amp; hasn't paid his taxes yet ??? So thinking worse case scenario he's going to walk away from the house. I have about 3 months left on my lease. I need to save apprx $3K. With the tax stimulus pmt in May I am confident we'll have $ by the 3rd week in May. I think we should stick it out to the end of the lease so I can save even more %26amp; move by the earliest June 5 or stick it out till June 23. My husband is worried that waiting till June might be too long|||I think you'll feel better once you understand just how long the foreclosure process takes.
First, your landlord will receive a Notice of Default. This notice gives him 90 days to come current or make other arrangements to keep the property (refinance, contact his lender for a restructure, etc.). If those 90 days pass without a resolution being worked out, there will be a notice of Trustee's Sale. This is where the property is auctioned by the Sheriff. The auction usually happens 21-28 days after the first notice. (In California, notices are run in the local news paper every week and a notice has to run for 3 consecutive weeks before the home can be auctioned.)
The day of (or the evening before) the auction, a notice will be placed on the home. Not too many homes are selling at auction, so the property will probably be returned to the bank. What happens from there depends on what state you live in. In California, the bank then has to serve you notice, which gives you 30 days to vacate.
Best case, it looks like you have at least 120 days. I would ask your landlord if he has received a Notice of Default. Definitely take him up on the offer to use your security deposit as your last month's rent.
If the home is foreclosed on before the end of your lease (which it doesn't sound like is going to happen, and that's a *good* thing!), you could sue the landlord for breach of contract.
Hope this helps you sleep better! It's time to start looking for a new place. If you're in a position to possibly qualify for a FHA-backed loan, you might want to consider buying the place you're in. It'll save you moving costs and there are tax advantages to home ownership.)|||Don't pay him any more money. By the time it takes him to kick you out, you'll be out and have the money you'd have spent on rent saved and he can then keep the deposits. Provided he still has them. Good luck!|||Foreclosure takes time. Your LL is in a tight spot and was frank with you. He probably can't come up with your deposit, so you want to stay for it if possible, or use it for your last month, even if it's a month earlier than your last month by the lease. Foreclosure wipes out leases. Start saving for your new deposit. Start looking for new lodgings. BUT read the classified sections of the newspapers to see if property goes into foreclosure. Check out dates. You should be able to do this, but no guarantees. They would give you notices at the end, giving you 30 days to vacate.|||There are many steps you can take, where do you live? what area?.
You can contact the morgagee and talk to them to resolve your concerns or you can try to buy the home from the morgagee.
Best of luck terry Adelaide Australia|||If you want to check on the taxes I would go to your counties appraisal district web site and search the record by address. If he is foreclosing the bank will sell it but someone might sell it as an investment and allow you to continue living there. The issues is you don't want to take chances since you have a child that is depending on you. I would try to get an apartment if possible as soon as I could and if there is any money left on the rent, ask him for it back. Or see if you can't have the security deposit back and due to the situation you want to pay him weekly. If he objects just let him know that he has placed you in a serious position where you may not have a home to come home to and under the circumstances you don't believe he has any reason to object since he is the one that is breaking the lease agreement with you. It is him you have the lease with, not the bank AND if he won't do it ask him where he plans on moving you and your son to and what will the rent be and when can you expect the movers to come?|||Everything will be fine!|||Iam sure they would honor your lease but only if you are paying your own utility bills as I don't think they would be covered'but its better if you check it ou
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