Nov
17
landlords house is being reposessed?
By
Found out recently that our landlords property that we are renting is being repossessed due to him not paying the mortgage. The court date is coming up and when the house has been repossessed I would like to know where we stand…. How long we can live here after repossession etc. btw i’m not worried about getting the deposit back as we have taken care of that (thats another story). Any help would be appreciated
Real Estate Professionals
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9 Comments
November 18th, 2009 at 7:37 pm
From what I have heard, once the house is repossessed, you are out. Start looking for another place and soon. Move before all of this happens.
November 20th, 2009 at 1:03 am
Stuff varies state to state…try a free consultation attorney, or research tenant rights in your local law library. Gotta keep within the area, not all laws share enough similarity from one place to another. Should be at least 30, likely 90 days relocation period given, but you will owe the bank the rental for the time you’re there after they take possession.
November 23rd, 2009 at 10:42 am
I would start making arrangements for somewhere to live now if I were you.
November 23rd, 2009 at 9:22 pm
I think you ought to go to your Citizen’s Advice Bureau. They can tell you your rights. They tend to know about these things and helped me out once when I had damp in a flat I was renting with others.
People on here are going to give you all sorts of advice but the Citizen’s Advice Bureau will be professional and realistic in my opinion.
November 25th, 2009 at 12:47 am
Well from a Realtors point of view I believe you have tenants rights. The bank cannot kick you out. What they probably will do is contact you to see if you want to stay. By contacting you I mean the sheriff will probably come to the house to talk to you. He will ask if you would like to stay. If you want to stay he will ask that you make your rental payments directly to the bank. I hope this helps. Realtor Tina from CT
November 26th, 2009 at 1:48 am
Yes, once formal ownership belongs to the bank, you will be forced to move. However, banks are giving people extra time to try and get back on a payment schedule so that they do not have to foreclose. Foreclosure does take sometime, so you will be good for several months at least.
November 29th, 2009 at 1:13 pm
I’m with Mememe go see Citizens Advice, they also have a website.
December 2nd, 2009 at 7:31 pm
Once the court hearing has happened, the repossession co will contact you. It depends on the individual situation, and the company that are dealing with it. The way the housing market is, so companies are happy to continue getting a monthly rental, rather than giving notice and having an empty house for maybe months.
Even if they do decide to sell the property, it will take time, they have to follow the correct procedure, they will not say “you have to be out in 3 days”
It may be a good idea to have a look around at what is on offer in your area, bearing in mind may places the rents have dropped.
Good luck.
December 6th, 2009 at 6:19 am
You need to speak with a solicitor and seek legal advice as to what your rights are.
Factors that will be dependent upon this are how long you have been there and whether or not you pay your rent up front for set periods of time. It may be necessary for you to attend the court hearing so it would be best to speak to a solicitor ASAP.
Peter McGahan
Mortgage broker
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to