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Rental may be in foreclosure

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KentState

KentState

Diamond Member
Currently, we are renting a home through a broker. I've seen mail coming directly to the home lately that leads me to believe that the owner is defaulting on the loan. We pay him directly and he handles all repairs and issues with the home. I do not have direct contact with the actual owner and do not know her actual address or a phone number and it appears unlisted.

Unfortunately, we are scheduled to go on vacation to Cancun on Monday. I'm nervous that something may happen while we are out. I've been trying to call the broker that has been handling the rental. When I called his home, the babysitter said that he was on vacation and should be back this upcoming week.

What if anything can I do? A co-worker volunteered to stop by everyday and has been left with various contact numbers. Has anyone gone through something similar? Any suggestions?
 
It sounds like this is a long process and I probably won't have my stuff out in the streets in just a week.
 
It may be hard but try to enjoy your vacation.

Possibly contact the bank that holds the loan on the property and let them know that you are renting that property. I would even go so far as to tell them you would possibly be interested in taking over the loan if it does go into default (even if you have no intention on doing so). Maybe that will put them on hold until you get back at least.
 
Originally posted by: KentState
Originally posted by: jacob0401
Shouldn't your lease be effective regardless of if owners change or it forecloses?


Protecting Tenants at Foreclosure Act of 2009

http://www.nolo.com/article.cf...517D8E62E/213/317/ART/
Click to expand...

Thanks for the article. At worse, it looks like I would have 90 days.
Click to expand...

That's one of the reasons I posted the FW thread. I think there's a mention of something about 90 days because of a new law that passed earlier this year.

Good luck. Hopefully, it will work out OK.
 
If there is any likelihood to this foreclosure, it seems beyond foolish that the possessor/new owner would evict a paying tenant.

Op, why are you opening this mail? Is it addressed to you?
 
Georgia's foreclosure process takes a long time to go to sale, typically about a year from default, and that's if the owner does nothing to attempt to resolve the situation with the lender. So nothing is likely to happen in the near future. If it does go to sale though, expect to receive an eviction notice because lenders don't want to be landlords. Also, non-owner-occupied properties are exempt from any and all govt foreclosure moratoriums currently in place. But for that matter, so is the whole state of Georgia (including from the HAMP moratorium), because it's an expense 'stop and restart' state.
 
Try to get a Cash For Keys payment where they pay you to move out quickly and easily without trashing the place. We got 2 mo rent + security deposit back when we got kicked out in Jan 2008.
 
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