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  • January 10, 2011 at 5:07 PM #18379
    Immy
    Participant

    Very long term lurker (since 07), and have been renting like many of you.

    I walked out of my condo today to find a large official envelope from the bank addressed to our landlord. I didn’t open it, but have come to find out she is behind on her payments. The unit is not in foreclosure yet. My wife and I have been living there 2 years, and have a long term lease.

    My question is what do we do now? What rights do we have? Do we continue to pay the rent despite it not being used for the mortgage payments?

    Thanks for the help!

    January 10, 2011 at 5:43 PM #650853
    Effective Demand
    Participant

    I’ve been in this situation in early 2009.

    Your agreement (lease) with the owner has no relation with the owners agreement (mortgage) with the bank. So continue to pay rent, there are much stronger controls to protect renters now and the lease will remain in effect even after foreclosure with the new laws on the books. If the property goes into disrepair because of the LL being in a bind then you are able to break the lease but being behind on payments or in foreclosure isnt enough to break the covenant of quiet enjoyment.

    I thought if my LL issues persisted back then I would give notice when my lease was up but not pay the last month rent, that way the LL would have to come after me for the difference between the security deposit and any damages + rent they listed. This way I was assured of getting my security deposit back. I was planning on paying for any legitimate damages listed and not making a court fight over it.

    January 10, 2011 at 5:43 PM #650922
    Effective Demand
    Participant

    I’ve been in this situation in early 2009.

    Your agreement (lease) with the owner has no relation with the owners agreement (mortgage) with the bank. So continue to pay rent, there are much stronger controls to protect renters now and the lease will remain in effect even after foreclosure with the new laws on the books. If the property goes into disrepair because of the LL being in a bind then you are able to break the lease but being behind on payments or in foreclosure isnt enough to break the covenant of quiet enjoyment.

    I thought if my LL issues persisted back then I would give notice when my lease was up but not pay the last month rent, that way the LL would have to come after me for the difference between the security deposit and any damages + rent they listed. This way I was assured of getting my security deposit back. I was planning on paying for any legitimate damages listed and not making a court fight over it.

    January 10, 2011 at 5:43 PM #651966
    Effective Demand
    Participant

    I’ve been in this situation in early 2009.

    Your agreement (lease) with the owner has no relation with the owners agreement (mortgage) with the bank. So continue to pay rent, there are much stronger controls to protect renters now and the lease will remain in effect even after foreclosure with the new laws on the books. If the property goes into disrepair because of the LL being in a bind then you are able to break the lease but being behind on payments or in foreclosure isnt enough to break the covenant of quiet enjoyment.

    I thought if my LL issues persisted back then I would give notice when my lease was up but not pay the last month rent, that way the LL would have to come after me for the difference between the security deposit and any damages + rent they listed. This way I was assured of getting my security deposit back. I was planning on paying for any legitimate damages listed and not making a court fight over it.

    January 10, 2011 at 5:43 PM #651639
    Effective Demand
    Participant

    I’ve been in this situation in early 2009.

    Your agreement (lease) with the owner has no relation with the owners agreement (mortgage) with the bank. So continue to pay rent, there are much stronger controls to protect renters now and the lease will remain in effect even after foreclosure with the new laws on the books. If the property goes into disrepair because of the LL being in a bind then you are able to break the lease but being behind on payments or in foreclosure isnt enough to break the covenant of quiet enjoyment.

    I thought if my LL issues persisted back then I would give notice when my lease was up but not pay the last month rent, that way the LL would have to come after me for the difference between the security deposit and any damages + rent they listed. This way I was assured of getting my security deposit back. I was planning on paying for any legitimate damages listed and not making a court fight over it.

    January 10, 2011 at 5:43 PM #651503
    Effective Demand
    Participant

    I’ve been in this situation in early 2009.

    Your agreement (lease) with the owner has no relation with the owners agreement (mortgage) with the bank. So continue to pay rent, there are much stronger controls to protect renters now and the lease will remain in effect even after foreclosure with the new laws on the books. If the property goes into disrepair because of the LL being in a bind then you are able to break the lease but being behind on payments or in foreclosure isnt enough to break the covenant of quiet enjoyment.

    I thought if my LL issues persisted back then I would give notice when my lease was up but not pay the last month rent, that way the LL would have to come after me for the difference between the security deposit and any damages + rent they listed. This way I was assured of getting my security deposit back. I was planning on paying for any legitimate damages listed and not making a court fight over it.

    January 10, 2011 at 11:29 PM #651648
    patb
    Participant

    escrow rent.

    you will never see your deposit nor
    will you get much notice.

    your LL is losing the place, you are now
    in the morass

    January 10, 2011 at 11:29 PM #652112
    patb
    Participant

    escrow rent.

    you will never see your deposit nor
    will you get much notice.

    your LL is losing the place, you are now
    in the morass

    January 10, 2011 at 11:29 PM #651784
    patb
    Participant

    escrow rent.

    you will never see your deposit nor
    will you get much notice.

    your LL is losing the place, you are now
    in the morass

    January 10, 2011 at 11:29 PM #650998
    patb
    Participant

    escrow rent.

    you will never see your deposit nor
    will you get much notice.

    your LL is losing the place, you are now
    in the morass

    January 10, 2011 at 11:29 PM #651067
    patb
    Participant

    escrow rent.

    you will never see your deposit nor
    will you get much notice.

    your LL is losing the place, you are now
    in the morass

    January 11, 2011 at 4:08 AM #651112
    KCTxr
    Participant

    Been there, done that. Call Dan. Continue to pay your rent. Move if you can and not have a problem with the lease. Use security as last month rent, but pay for items in lease, etc. If you can get out before the foreclosure, you might save a bunch of emotional collateral.

    January 11, 2011 at 4:08 AM #652157
    KCTxr
    Participant

    Been there, done that. Call Dan. Continue to pay your rent. Move if you can and not have a problem with the lease. Use security as last month rent, but pay for items in lease, etc. If you can get out before the foreclosure, you might save a bunch of emotional collateral.

    January 11, 2011 at 4:08 AM #651044
    KCTxr
    Participant

    Been there, done that. Call Dan. Continue to pay your rent. Move if you can and not have a problem with the lease. Use security as last month rent, but pay for items in lease, etc. If you can get out before the foreclosure, you might save a bunch of emotional collateral.

    January 11, 2011 at 4:08 AM #651693
    KCTxr
    Participant

    Been there, done that. Call Dan. Continue to pay your rent. Move if you can and not have a problem with the lease. Use security as last month rent, but pay for items in lease, etc. If you can get out before the foreclosure, you might save a bunch of emotional collateral.

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