Help- the cool rental house we just moved into in Sept. is being forclosed on

[fredo4]

The owner doesn’t know we know. I’ve seen this topic come up before and I remember there being a lot of opinions as to what to do. The trustees sale is supposed to take place at the S.D.courthouse on March 12 and our rent is paid through February. Any advice?

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[urbanrealtor]

Following on Adam’s remarks:
Were I you, Fredo, I would also try to get the existing landlord to give you back your deposit.
It would cost them hundreds of dollars and a couple of months to evict. That means that if you just refuse to pay until the TS, then you could have problems. I am dealing with one right now where the owner has not made a payment in 3 years (not an exaggeration). They thought it had been repo’d a couple of years ago. Now that they have calmed down, they are thinking about a short sale. That will probably postpone repossession for another year. So if its early in that process, and the landlord knows the system, he could get a new tenant and do this again if things don’t work out with you.
However, if you can work with him you could both win by him still collecting rent and you maybe getting a discount. If the bank takes it then you can get 3 months free occupancy from them.
If you take the cash for keys option (as Adam suggests) then I recommend comparing it to the 90 days free or going through the rest of the lease with the bank as the landlord. Again this assume the repo actually occurs. All of my listings are in foreclosure right now and NONE have been repo’d (2 have tenants).
Good luck and feel free to call or email.

-Dan

[urbanrealtor]

Following on Adam’s remarks:
Were I you, Fredo, I would also try to get the existing landlord to give you back your deposit.
It would cost them hundreds of dollars and a couple of months to evict. That means that if you just refuse to pay until the TS, then you could have problems. I am dealing with one right now where the owner has not made a payment in 3 years (not an exaggeration). They thought it had been repo’d a couple of years ago. Now that they have calmed down, they are thinking about a short sale. That will probably postpone repossession for another year. So if its early in that process, and the landlord knows the system, he could get a new tenant and do this again if things don’t work out with you.
However, if you can work with him you could both win by him still collecting rent and you maybe getting a discount. If the bank takes it then you can get 3 months free occupancy from them.
If you take the cash for keys option (as Adam suggests) then I recommend comparing it to the 90 days free or going through the rest of the lease with the bank as the landlord. Again this assume the repo actually occurs. All of my listings are in foreclosure right now and NONE have been repo’d (2 have tenants).
Good luck and feel free to call or email.

-Dan

[urbanrealtor]

Following on Adam’s remarks:
Were I you, Fredo, I would also try to get the existing landlord to give you back your deposit.
It would cost them hundreds of dollars and a couple of months to evict. That means that if you just refuse to pay until the TS, then you could have problems. I am dealing with one right now where the owner has not made a payment in 3 years (not an exaggeration). They thought it had been repo’d a couple of years ago. Now that they have calmed down, they are thinking about a short sale. That will probably postpone repossession for another year. So if its early in that process, and the landlord knows the system, he could get a new tenant and do this again if things don’t work out with you.
However, if you can work with him you could both win by him still collecting rent and you maybe getting a discount. If the bank takes it then you can get 3 months free occupancy from them.
If you take the cash for keys option (as Adam suggests) then I recommend comparing it to the 90 days free or going through the rest of the lease with the bank as the landlord. Again this assume the repo actually occurs. All of my listings are in foreclosure right now and NONE have been repo’d (2 have tenants).
Good luck and feel free to call or email.

-Dan

[urbanrealtor]

Following on Adam’s remarks:
Were I you, Fredo, I would also try to get the existing landlord to give you back your deposit.
It would cost them hundreds of dollars and a couple of months to evict. That means that if you just refuse to pay until the TS, then you could have problems. I am dealing with one right now where the owner has not made a payment in 3 years (not an exaggeration). They thought it had been repo’d a couple of years ago. Now that they have calmed down, they are thinking about a short sale. That will probably postpone repossession for another year. So if its early in that process, and the landlord knows the system, he could get a new tenant and do this again if things don’t work out with you.
However, if you can work with him you could both win by him still collecting rent and you maybe getting a discount. If the bank takes it then you can get 3 months free occupancy from them.
If you take the cash for keys option (as Adam suggests) then I recommend comparing it to the 90 days free or going through the rest of the lease with the bank as the landlord. Again this assume the repo actually occurs. All of my listings are in foreclosure right now and NONE have been repo’d (2 have tenants).
Good luck and feel free to call or email.

-Dan

[urbanrealtor]

Following on Adam’s remarks:
Were I you, Fredo, I would also try to get the existing landlord to give you back your deposit.
It would cost them hundreds of dollars and a couple of months to evict. That means that if you just refuse to pay until the TS, then you could have problems. I am dealing with one right now where the owner has not made a payment in 3 years (not an exaggeration). They thought it had been repo’d a couple of years ago. Now that they have calmed down, they are thinking about a short sale. That will probably postpone repossession for another year. So if its early in that process, and the landlord knows the system, he could get a new tenant and do this again if things don’t work out with you.
However, if you can work with him you could both win by him still collecting rent and you maybe getting a discount. If the bank takes it then you can get 3 months free occupancy from them.
If you take the cash for keys option (as Adam suggests) then I recommend comparing it to the 90 days free or going through the rest of the lease with the bank as the landlord. Again this assume the repo actually occurs. All of my listings are in foreclosure right now and NONE have been repo’d (2 have tenants).
Good luck and feel free to call or email.

-Dan

[fredo4]

Thanks for the advice. The landlord is trying to claim this house as his primary residence so he never changed his mailing address, which is how we ended up finding out about this. We never did pay a deposit(probably because the landlord knew this was going to happen). If we were going to ask for a reduction in our rent- how much should we ask for? What should we do if he won’t work with us?

[fredo4]

Thanks for the advice. The landlord is trying to claim this house as his primary residence so he never changed his mailing address, which is how we ended up finding out about this. We never did pay a deposit(probably because the landlord knew this was going to happen). If we were going to ask for a reduction in our rent- how much should we ask for? What should we do if he won’t work with us?

[fredo4]

Thanks for the advice. The landlord is trying to claim this house as his primary residence so he never changed his mailing address, which is how we ended up finding out about this. We never did pay a deposit(probably because the landlord knew this was going to happen). If we were going to ask for a reduction in our rent- how much should we ask for? What should we do if he won’t work with us?

[fredo4]

Thanks for the advice. The landlord is trying to claim this house as his primary residence so he never changed his mailing address, which is how we ended up finding out about this. We never did pay a deposit(probably because the landlord knew this was going to happen). If we were going to ask for a reduction in our rent- how much should we ask for? What should we do if he won’t work with us?

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