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Jychf

Beach Lover
Jan 10, 2008
133
17
SRB
We are renting a house and have been for about two years. Never signed a second lease after the first year was up. House is now being foreclosed upon and we don't know what our options are. You hear so many different things from different people. Does anyone have any experience with this situation? Any input would be greatly appreciated!! We don't know how far along the foreclosure is and definitely would like to stay in the house. We're working with a mortgage broker to get qualified as quickly as we can but don't know if the landlord has the right to evict us or if we can "wait it out" for the bank to take over................:dunno:

Thanks,

J
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,644
1,773
I am not an attorney. If you have any questions, seek legal advice from a qualified attorney. From my common knowledge it sounds like you have a month-to-month agreement, even though it is not in writing. That means, either you or the landlord can give the other party a 30 day notice to end the lease. If the landlord gives you a lease, and you choose to not comply, the only way they can legally remove you is through the eviction process, which can take up to a year. They cannot legally come by and put new locks on the door, preventing you entry, but I have heard many stories, and one story where all of the contents of the house were placed on the curb. (Judge ruled in favor of the tenant.)

If you suspect your landlord isn't being upfront with you about the foreclosure, you can contact the Clerk of Courts to find out the status of the case. I understand that it takes about one year for the foreclosure to happen, beginning with the first failure to pay. The other question you need to know is whom to pay, so you want to know who the owner is. The new owner may also want to keep you as a tenant, so you never know, until you ask. If that is too stressful to deal with, you might want to seek a new place to rent.

Again, for legal advice, seek a lawyer. I am not a lawyer.
 

Jychf

Beach Lover
Jan 10, 2008
133
17
SRB
Thanks JOe, I appreciate your advice. The situation is a very stick one, we have spoken at length with the owners, they're even trying to find us a place to move. I suspect that they want to live here during the foreclosure (no mortgage to pay) until it is finalized. I am in the process of trying to find a new rental, problem is we really like this house and don't want to move.....

thanks again.
 

bluemtnrunner

Beach Fanatic
Dec 31, 2007
1,486
144
We were in a similar situation but we did have a lease, we were told that the new owners would have to honor the lease or buy us out (I don' t know what that means really). We loved the house we were in but decided that we did not like living in limbo, waiting for the other shoe to drop. Our landlords hooked us up with another homeowner and based on our rep with the original landlord, we were able to get into the house we rent now. We have the same type of lease here where if the house is sold, the new owners have to honor the lease or buy us out of it.

We also decided to move so that we wouldn't have to be looking for a rental at this time of year when there are fewer available. We were very upfront with our landlord and with the new one as well so we could all work together for the best situation for all of us.
Start looking while you have some time to be selective, get the word out about what you are looking for and be choosy.
You will find something great, I'm sure.
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,644
1,773
One other thing to remember is your security deposit, if you have one. You might try negotiating it back from the present owner, if you have been a good, responsible tenant. I've heard of one recent similar case where the tenant worked with the landlord, dividing the security deposit into thirds, and deducting one-third off of each months rent for the next three months. You really need to be in good standing with your landlord for something like that to be worked out.
 

Jychf

Beach Lover
Jan 10, 2008
133
17
SRB
we are actually living out our security deposit, puts us living here until the 10th of June. We have been very good tenants, the house is in better shape now then when we rented it...one reason we really don't want to leave this house!! We had no plans to leave anytime soon, planted a nice garden and everything. I certainly appreciate everyone's help, hopefully we can qualify for the right amount, it'll go into full foreclosure and we can make a reasonable offer for the house!!
 

30ashopper

SoWal Insider
Apr 30, 2008
6,845
3,471
58
Right here!
Walton lists future foreclosure auctions on their site. The records are a bit tedeous to go through, but with any luck you'll find your house and know a bit more about what's going on. If it isn't in any of these records, the foreclosure sale is a long way off. You can confirm this by going down there and talking with the clerk in person.

http://clerkofcourts.co.walton.fl.us/default.aspx?id=31

(To view the full docs of a record, click on setting in the upper right, and change the viewer type to 'PDF'.)
 
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Jychf

Beach Lover
Jan 10, 2008
133
17
SRB
Thanks for the link!! Should've thought of that one I guess, just never occured to me. The case number is not on the active list so I'm guessing that it's not as far along as I would've liked it to be. No worries, I think we've finally decided to just find another place to live. Maybe we'll be able to put in a bid once it does reach foreclosure. Thanks to all for the advice and help.
 

scooterbug44

SoWal Expert
May 8, 2007
16,706
3,339
Sowal
When you sign a lease on the next place, you should check/change the details so you have a little more warning next time. The standard lease form allows you to set a minimum notification time even after the original lease period passes and it goes to month to month.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,763
803
When you sign a lease on the next place, you should check/change the details so you have a little more warning next time. The standard lease form allows you to set a minimum notification time even after the original lease period passes and it goes to month to month.


You might also want to check the property appraiser's site to see if your new place was purchased during the "Investulator's Era;" also check out how many properties the owner is on the hook for as well. More likely than not it will be a bubble house, because of the sheer number of properties that changed hands during that time that the owners can't dump at the price they've paid; but if it was purchased before 2004, and the owner didn't buy up a bunch of overpriced lots and condos since, you might have a better chance of staying put.

Also check the Tax Collector's site to see if the landlord paid their property taxes for this year or was delinquent in the past--non-payment could indicate they're having a bit of a cashflow problem.

Moreover, check the county records to see if the owner HELOC'd the property to kingdom come...another indication of cashflow problems.


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