cube_rat
Thinks s/he gets paid by the post
- Joined
- Jul 12, 2005
- Messages
- 1,466
My landlord was just served a foreclosure notice. The landlords are a young couple who bought their first house with no money down, adjustable mortage from a subprime lender. A unfortunately common story.
I signed lease in Nov 07 for one year and I'm wondering who I pay my rent to for April? I think I'm still obligated to the landlords to honor the lease until the bank takes possession, right? Conversely, I think once the bank takes posession, I believe the lease is severed and the bank will have to give us 30 days notice. What are my rights as a tenant if the owners turned their keys into the bank? I'm holding out to the end because I think I may buy this place once it's hits the price point I believe it to be worth.
The realtor obtained by the landlords a few months ago, have been trying to do a short sale asking 100K more than I would offer. I think once it's possessed by the bank, the bank may want to unload right away. We have excellent FICO scores with 20% down.
Sorry for all of the questions. I'm hoping that someone like Martha or Tyran will see my post.
BTW - I live in the SF Bay Area - which SF and Santa Clara is selling like hotcakes but other areas either really bad (outer east bay) or having issues such as the one I'm in.
Thanks!
I signed lease in Nov 07 for one year and I'm wondering who I pay my rent to for April? I think I'm still obligated to the landlords to honor the lease until the bank takes possession, right? Conversely, I think once the bank takes posession, I believe the lease is severed and the bank will have to give us 30 days notice. What are my rights as a tenant if the owners turned their keys into the bank? I'm holding out to the end because I think I may buy this place once it's hits the price point I believe it to be worth.
The realtor obtained by the landlords a few months ago, have been trying to do a short sale asking 100K more than I would offer. I think once it's possessed by the bank, the bank may want to unload right away. We have excellent FICO scores with 20% down.
Sorry for all of the questions. I'm hoping that someone like Martha or Tyran will see my post.
BTW - I live in the SF Bay Area - which SF and Santa Clara is selling like hotcakes but other areas either really bad (outer east bay) or having issues such as the one I'm in.
Thanks!