Anyone dealing with landlord foreclosure?

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    Jul 11, 2009 1:56 AM GMT
    I recently found out that my landlord is behind on the mortgage payments and am concerned about what may happen if the property I'm renting goes into foreclosure. If anyone has some useful advice I would love to hear from you especially if you've been through this in Florida.
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    Jul 11, 2009 2:37 AM GMT
    Call to your city's housing authority and get a list of tenants rights. Explain the situation and have them advice. The law varies from state to state, with additional municipal rules. So the best, most accurate advice you can get will be from the poor city hall suckers who deal with this all day.
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    Jul 11, 2009 2:41 AM GMT
    Just look for a new place. And make sure you get 100% of your deposit back before the property changes hands.

    If you stick around till the foreclosure goes through, there's really no way to tell if the bank will continue to let you stay there as a tenant. Might as well be prepared and plan ahead.
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    Jul 11, 2009 6:29 AM GMT
    In a Republican state, the bank can usually have all the tenants exterminated with 24 hours notice, and then charge their estates for disposal of the bodies and personal effects.

    Here in the People's Republic of San Francisco, all the tenants, by law, get a 50% reduction in rent, interest-free loans from the bank for up to $300,000, and the option of using any hot bank employee as a sex slave for 90 days.

    Just sayin.

    PS My evil landlord (who at one point owned 50% of the rental stock in SF), is collapsing in a very satisfying self-immolation of greed, borderline illegal business practices, and a general "fast and loose" policy with borrowed money. My building is currently up for sale. I don't anticipate any changes other than a rent reduction, and possibly better building maintenance. Oh, and perhaps handcuffing that hot sales associate, "Mr. Gonzales", to my radiator, nude.
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    Jul 11, 2009 7:08 AM GMT
    In February, I came home to find that the bank had come and attempted to change the locks on the condo I was renting because the owners had gone into foreclosure and had not alerted anyone, including the property management company that I had rented the unit from. Fortunately for me, the property management company put me up in a furnished apartment until they could transfer me to another condo, gave me a huge break on the rent in my new rental, and hired someone to help me move. Still, it was a giant headache and incredibly frustrating that I had to go through all of that when I had done nothing wrong.

    You might want to look into the "Helping Families Save Their Home Act" that recently passed (I believe it was the end of May) and was signed into law. This federal law allows tenants to stay in their home for 90 days if their landlord goes into foreclosure, and, in some cases, allows the tenant to stay throughout the end of their lease.

    Best of luck to you!
  • rnch

    Posts: 11524

    Jul 11, 2009 10:47 AM GMT
    xrichx saidJust look for a new place. And make sure you get 100% of your deposit back before the property changes hands....
    if the landlord is going into forclosure and is insolvent, do you really think you will be able to get your 5, 6 7 hundred dollar deposit back by merely asking for it? icon_rolleyes.gif