Comments on: Tenants and Foreclosure – FAQ http://www.tenants-rights.org/faq-tenants-and-foreclosure/ tenants helping tenants improve their lives since 1981 Sun, 29 Jan 2012 18:59:13 -0800 hourly 1 http://wordpress.org/?v=3.3.1 By: John Bartlett http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-38251 John Bartlett Sun, 29 Jan 2012 18:43:29 +0000 http://mtotest.justinmassa.com/?p=774#comment-38251 If you have a lease the Bank has to honor the lease which means paying the same rent until the end of the lease term. If you are on a month-to-month agreement then the bank has to give you at least a 90 day notice to terminate and you pay the same rent for that period. Make sure that any cash for keys agreement is in writing and make sure that the agreement covers such things what happens if you are a day or two late in vacating. If you have a lease the Bank has to honor the lease which means paying the same rent until the end of the lease term. If you are on a month-to-month agreement then the bank has to give you at least a 90 day notice to terminate and you pay the same rent for that period. Make sure that any cash for keys agreement is in writing and make sure that the agreement covers such things what happens if you are a day or two late in vacating.

]]> By: Kelley http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-38183 Kelley Sat, 28 Jan 2012 17:44:23 +0000 http://mtotest.justinmassa.com/?p=774#comment-38183 I am a tenant of a recently forclosed condo. I did not recieve notificaiton from the owner, I just received corespondence from the bank (owns condo now). They have offered me cash for keys if I need to vacate in 30 days. The oher option is to rent (but I don't know the amount of rent) and the unit is for sale so if sold I would need to move out. Don't I have rights, 30 days is not a lot of notice!What can I do? I am a tenant of a recently forclosed condo. I did not recieve notificaiton from the owner, I just received corespondence from the bank (owns condo now). They have offered me cash for keys if I need to vacate in 30 days. The oher option is to rent (but I don’t know the amount of rent) and the unit is for sale so if sold I would need to move out.

Don’t I have rights, 30 days is not a lot of notice!What can I do?

]]> By: John Bartlett http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-33257 John Bartlett Mon, 05 Dec 2011 19:04:25 +0000 http://mtotest.justinmassa.com/?p=774#comment-33257 According to Illinois law, if you have a lease then Prudential needs to honor the lease. If you are on a month to month agreement then Prudential needs to give you at least a 90 day written notice to terminate the tenancy. Yes you have to continue to pay rent. I would call Prudential to see where you should mail the rent. You may be able to negotiate a deal to move out sooner. According to Illinois law, if you have a lease then Prudential needs to honor the lease. If you are on a month to month agreement then Prudential needs to give you at least a 90 day written notice to terminate the tenancy. Yes you have to continue to pay rent. I would call Prudential to see where you should mail the rent. You may be able to negotiate a deal to move out sooner.

]]> By: Foreclosure http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-33252 Foreclosure Mon, 05 Dec 2011 18:33:06 +0000 http://mtotest.justinmassa.com/?p=774#comment-33252 I am renting the upper portion of a house and came home this weekend to a notice on the door from a Prudential REO Broker who I contacted later with our notice to evict deadlines. He stated that the house was foreclosed upon and that we would soon have a packet arriving in the mail explaining our rights. Does this mean that the bank is now the owner of the property? Do we continue to pay rent to the landlord? We no longer have a current lease and are considered month to month. I am renting the upper portion of a house and came home this weekend to a notice on the door from a Prudential REO Broker who I contacted later with our notice to evict deadlines. He stated that the house was foreclosed upon and that we would soon have a packet arriving in the mail explaining our rights. Does this mean that the bank is now the owner of the property? Do we continue to pay rent to the landlord? We no longer have a current lease and are considered month to month.

]]> By: John Bartlett http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-29731 John Bartlett Fri, 11 Nov 2011 02:33:03 +0000 http://mtotest.justinmassa.com/?p=774#comment-29731 If the building is sold and does not go through the foreclosure process the new landlord has to abide by the terms of the lease. The new landlord is responsible for the security deposit and you are responsible for paying the rent. John If the building is sold and does not go through the foreclosure process the new landlord has to abide by the terms of the lease. The new landlord is responsible for the security deposit and you are responsible for paying the rent.

John

]]> By: Angela http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-29708 Angela Thu, 10 Nov 2011 22:08:06 +0000 http://mtotest.justinmassa.com/?p=774#comment-29708 Hey- I rent a condo and he is trying to avoid a foreclosure by doing a short sale. My lease is not up until 2013. My owner told me that the lease goes with the property- meaning that they have to honor the lease and not put me out. From what i'm hearing, that's not true. When the new owner takes over and he wants to 1) live in the unit 2) increase my rent 3) give me 90days for move. My questions is when the unit is sold, regardless of my lease, they have to give me 90 day .. right? and within that 3 months do have still need to pay rent? will I receive my security deposit back from the new owner or do I just not pay for 2 months? any suggestion would be helpful!! Hey- I rent a condo and he is trying to avoid a foreclosure by doing a short sale. My lease is not up until 2013. My owner told me that the lease goes with the property- meaning that they have to honor the lease and not put me out. From what i’m hearing, that’s not true. When the new owner takes over and he wants to 1) live in the unit 2) increase my rent 3) give me 90days for move.

My questions is when the unit is sold, regardless of my lease, they have to give me 90 day .. right? and within that 3 months do have still need to pay rent? will I receive my security deposit back from the new owner or do I just not pay for 2 months?

any suggestion would be helpful!!

]]> By: debra http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-28909 debra Tue, 01 Nov 2011 20:16:30 +0000 http://mtotest.justinmassa.com/?p=774#comment-28909 My building is in foreclosure. The attys. for the mortgage co. notified me of the court date. A default ord was entered, an order appointing a seller and the foreclosure is pending. Do I still pay rent? The attys. said the foreclosure sale is Jan. 31, 2012. Strangers come by and want to look at the apartment. I don't know them. My landlord has not called me to bring anyone over. I'm not letting strangers in my home without the landlord being there. I don't even know the real estate agent. He took my rent one day and a for sale sign was in front the next morning.The landlord does not communicate with me until its rent time. I feel I shouldn't pay rent and just save my money to move. He's not fixing anything and Jan is around the corner. I've never been evicted in my life and I don't want to start now.I feel he is still the owner since no order of possession has been entered. But I feel I shouldn't have to pay him a dime since I have to move. Around here they bring in their own families to live.I know my nephew used to live upstairs thats how I got this place.I mean Gee!! The guy could have said I'm in foreclosure and I'm trying to sell the building. My building is in foreclosure. The attys. for the mortgage co. notified me of the court date. A default ord was entered, an order appointing a seller and the foreclosure is pending. Do I still pay rent? The attys. said the foreclosure sale is Jan. 31, 2012. Strangers come by and want to look at the apartment. I don’t know them. My landlord has not called me to bring anyone over. I’m not letting strangers in my home without the landlord being there. I don’t even know the real estate agent. He took my rent one day and a for sale sign was in front the next morning.The landlord does not communicate with me until its rent time. I feel I shouldn’t pay rent and just save my money to move. He’s not fixing anything and Jan is around the corner. I’ve never been evicted in my life and I don’t want to start now.I feel he is still the owner since no order of possession has been entered. But I feel I shouldn’t have to pay him a dime since I have to move. Around here they bring in their own families to live.I know my nephew used to live upstairs thats how I got this place.I mean Gee!! The guy could have said I’m in foreclosure and I’m trying to sell the building.

]]> By: John Bartlett http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-12816 John Bartlett Thu, 04 Aug 2011 20:41:27 +0000 http://mtotest.justinmassa.com/?p=774#comment-12816 The worst thing that could happen is the landlord could give you a 5 day notice to pay of vacate. If you do not pay then the landlord can take you to eviction court. If you lose in eviction court you will have to move. If you do not then you could lose all your furniture. If you do move you could still end up with a judgement against you for the rent, which could impact your credit rating and other landlords sometimes look to see if you have been to eviction court which could affect your ability to rent. If you get the help of an attorney you could win but you asked for a worst case scenario. I cannot advise you about what to do. The worst thing that could happen is the landlord could give you a 5 day notice to pay of vacate. If you do not pay then the landlord can take you to eviction court. If you lose in eviction court you will have to move. If you do not then you could lose all your furniture. If you do move you could still end up with a judgement against you for the rent, which could impact your credit rating and other landlords sometimes look to see if you have been to eviction court which could affect your ability to rent. If you get the help of an attorney you could win but you asked for a worst case scenario. I cannot advise you about what to do.

]]> By: John Bartlett http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-12815 John Bartlett Thu, 04 Aug 2011 20:39:33 +0000 http://mtotest.justinmassa.com/?p=774#comment-12815 The worst thing that could happen is the landlord could give you a 5 day notice to pay of vacate. If you do not pay then the landlord can take you to eviction court. If you lose in eviction court you will have to move. If you do not then you could lose all your furniture. If you do move you could still end up with a judgement against you for the rent, which could impact your credit rating and other landlords sometimes look to see if you have been to eviction court which could affect your ability to rent. If you get the help of an attorney you could win but you asked for a worst case scenario. The worst thing that could happen is the landlord could give you a 5 day notice to pay of vacate. If you do not pay then the landlord can take you to eviction court. If you lose in eviction court you will have to move. If you do not then you could lose all your furniture. If you do move you could still end up with a judgement against you for the rent, which could impact your credit rating and other landlords sometimes look to see if you have been to eviction court which could affect your ability to rent. If you get the help of an attorney you could win but you asked for a worst case scenario.

]]> By: DANY RAMOS http://www.tenants-rights.org/faq-tenants-and-foreclosure/comment-page-1/#comment-12648 DANY RAMOS Tue, 02 Aug 2011 18:58:03 +0000 http://mtotest.justinmassa.com/?p=774#comment-12648 WHATS THE WORST THAT CAN HAPPEN IF I STOP PAYING RENT TO THE LANDLORD IF I JUST FOUND OUT HES BEEN IN FORECLOSURE FOR THE PAST YEAR AND NEVER MENTION ANYTHING TO ME IM ON A MONTH TO MONTH BASIS DONT HAVE A LEASE PLEASE ADVISE ME ON WHAT TO DO THANK YOU. WHATS THE WORST THAT CAN HAPPEN IF I STOP PAYING RENT TO THE LANDLORD IF I JUST FOUND OUT HES BEEN IN FORECLOSURE FOR THE PAST YEAR AND NEVER MENTION ANYTHING TO ME IM ON A MONTH TO MONTH BASIS DONT HAVE A LEASE PLEASE ADVISE ME ON WHAT TO DO THANK YOU.

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