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3 years ago
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i just recvd notice from the sheriff that the house i am renting is in foreclosure and the hearing is july 26 and this is the second time what should i do

should i continue paying rent i am afraid he will not be able to save it this time also if he did a loan modification and missed a payment does that make the payment plan null and void and the original amount becomes due hence the sheriff serving notice of the hearing
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3 years ago
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Find out how to pay the rent into an escrow account approved by whichever court division is handling foreclosures in your area. You may lose the house as a tenant, but you should be able to show you are a good tenant and if the house gets taken back by the lender they may keep you on.
Art Hanley
Browsing Housing
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2 years ago
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These things are a bit different in each state. I had this happen to one client twice. We found another place for him, contacted the agent who had handled the rental from the sellers side, and I submitted the request to get the security deposit back. Once I found him a house he was packing up and was able to show the foreclosing agent the rental agreement. He was given "cash for keys" $1500 on an $850 apt. The only part that surprised me was that he was obviously packing anyway and the money legally went to him. Is your security deposit in a trust account or does the defaulting agent have it? If so, you can probably assume you are not getting it back. In NC you have tenant's rights to stay for a mandated period of time once the foreclosure process has begun as long as you show proof you are upholding your end of the contract. Personally I would see if you are getting your security deposit back first. And if you are, I would hold out for "cash for keys."
It will pay for your inconvenience/next moving cost and allow the bank to proceed more easily. Very unlikely if the bank is taking it back that they will keep you on more than 60 days. They are not in the rental business.
Bridget Allison
Broker-in-Charge
Allison & Associates Realty, LLC
704-564-9607
Bridget Allison
Real Estate Professional
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2 years ago
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Well we had the same happen to us with an apartment we were renting and we ended up having to vacate the apartment by order of the sheriff despite what we were told by the property managers which was that we are protected by the lease and they can not make us move out until the end of the lease. MY advice after going through all of that is start looking for another place and stop paying rent. If you can afford to get a lawyer hire one since most likely it will be dragged through court for some time ( up to 2 years) during which you can still live there without paying rent. This was an advice given to us by a friend that practices real estate law, unfortunately for us at the time we could not afford to go with it. hope this helps and good luck
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1 year ago
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I'm looking for a 2 bedroom, 2 bath townhouse/condo (will take apt or house if available) in the Mallard Creek, Prosperity Road area for rent. Unfortunately, I'm working on a small budget. Any help would be appreciated.
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1 year ago
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This is the Charlotte, NC 28269/28262 area
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