Posted by Christina on January 07, 2001 at 08:55:32:
In Reply to: Re: Renting from a landlord who is being foreclosed on HELP!!!!!! posted by Jeremy on January 06, 2001 at 23:01:58:
Thank you for the reply. We are NOT interested in buying this property. LL owed $88k on this one family house and I don't believe even w/ the pool and small amt of land its worth that. Our agreement w/ LL was that we would make timely rent payments and he would keep the house out of foreclosure proceedings. We were renting month to month w/ a lease in the beginning (2yrs ago) and showing the house thru his realtor, knowing at that point it wasn't his intent to sell, he just needed to get to the end of his agreement w/ the realtor which has since expired. What the LL wanted was just to have someone in the house capable of making the monthly rent so he could retain the property. Now, obviously he has lied to us for the past two years and I have been making the payments on his NEW half million dollar house up the road from here and he never had any intention of making the payments on this house. The only reason we took this house in the first place was because it was situated across the street from the school that the twins went to and they could walk. I called the LL about the rent yesterday that was due and he hasn't returned the phone call. I will call again today in a while and leave another message. What shall I do in the event that he doesn't return any phone calls?
Should I show up for the court date of the 19th? Talk to the banks lawyer?
Please advise and thanks again for the reply. I know I have at least 6 months to find somewhere to live at this point.
P.S. Husband is on total/temp disability for work related back injury. He might possibly go back on the 23rd after doctors appt. ( I doubt he will be released from docs care) I return to my seasonal job on April 1st. Even in the interm making the rent isn't a problem.
: My opinion for what it is worth is that you should approach the banks attorney again and ask what are the chances of you buying the property!
: If this is as I "assume" a one family house then your rent must have been able to cover the landlords mortgage and insurance payments.With the tax break and whatever government assistance you can get in buying the property and with the declining interest rate you may even finish up paying less per month than you are now!!!.Even if you dont buy the property you will still have to be given 30 days written notice to quit the property after which time the bank would have to take you to court and get an eviction notice which, with a disabled husband and two children, the judge would probably allow you up to six months to find somewhere else.THE BANK KNOWS THIS it would be in their interest to help you purchase the property. GOOD LUCK
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