Posted on: 03rd Jul, 2011 10:01 pm
I've been renting a home and the payment booklet has not been sent to me by the owner I have not been able to reach him for the past 5 months. The bank has not been able to reach him.I think he has abandoned the home with me in it.What can I do to remain in the residence or would it be in my best interest to move out.
hi classyimagesandvocals,
the lender will foreclose the property if he does not receive the payments on time. you may not be able refinance the mortgage in your name as the property has not been transferred to you. thus, it will be a better option to move out of the property.
thanks
the lender will foreclose the property if he does not receive the payments on time. you may not be able refinance the mortgage in your name as the property has not been transferred to you. thus, it will be a better option to move out of the property.
thanks
I'd have to agree that you make arrangements to relocate. However, you might be able to get some free time to accumulate funds inasmuch as there's no landlord collecting rent.
Has the lender attempted to contact you to receive your rent payments? If they're smart they'll have that right, but if they don't ask, I'd think you'd keep them.
But it won't take long before the lender begins foreclosure proceedings, and you'll want to have a place to live when that runs its course. No need to rush headlong, but it's time to begin getting prepared to move.
Has the lender attempted to contact you to receive your rent payments? If they're smart they'll have that right, but if they don't ask, I'd think you'd keep them.
But it won't take long before the lender begins foreclosure proceedings, and you'll want to have a place to live when that runs its course. No need to rush headlong, but it's time to begin getting prepared to move.
Also, when you have a valid lease, when a property is sold, the new owner or bank must adhere to the contract in place. So if you had a valid 1 year lease and foreclosed 6 mos in lease, you will be able to stay in the home with the new owner, for the remaining term of lease. You may be able to become the renter of the investor who purchases the home. Do you qualify for a home loan, maybe you could purchase it?
Well said, Chris. Of course, the key is a valid lease or rental agreement. There are so many handshake deals out there, or arrangements that are supposed to turn into a rental agreement but paperwork never gets done. I hope there's documentation here.