My Landlord Is Facing Foreclosure

In any case, if the landlord doesn't start to pay the payments then his property will be foreclosed. Whether someone else comes in and buys the property is yet to be seen. Then what if the new property owner wants to raise the rent? (I think they can do that)

I would do some research on the internet to see about renters rights.

And I agree with you...if you do have to move you are not going to want to move right when you are due or even right there after. Better to do it before if it is more than likely what will eventually need to be done.

Although foreclosure can sometimes take a while when it does happen the bank or lender will vacate the house any way so you will be left homeless. I would definitely look at moving. It's better to get yourself out and situated rather than to have a sudden eviction. Good luck!

If your lease has expired, you are on a month to month lease. If the landlord is foreclosed upon, the new owner could keep you there (he may want the income) but he could also give you a notice to vacate (so he can do renovations, charge more rent to a new renter, etc.). Wouldn't you rather find a new place on your timetable, rather than someone else calling the shots?

Yes, you should move. You don't want to be there when the property does foreclose.

However, your landlord is not being truthful in some aspect. It takes about 12 months of non-payment before foreclosure CAN actually take place, though lenders threaten foreclosure as soon as one to two months of non-payment. So, either your landlord has missed more than two months, or he has some other motive for sharing this with your husband.

Either way, just move.

By the way, I'm a licensed real estate broker in Illinois, so am well-versed in real estate and foreclosures.

Good luck!

I am really sorry to hear about your situation. You are right in telling your husband to give the landlord 30 days notice to vacate. I do have a form if you need one. I am a landlord and I know that I would really like it if my tenants would give me the heads up on them leaving. Let me know if I can help you out with forms or anything. Good luck!
J.

I'de get out with the 30 day notice and make sure the landlord knows to use your money that he's held from your first months rent as your last months rent.

BZ:
Without a lease you have no guarantee that a new owner would continue to rent to you at the same rate. Given your situation, it's in your best interest to look for a new home.

Hi BZ,
Yes you are right. If he were to be actually IN forclosure, you can and will still be held responsible for your rent till the bank takes over his property. It takes approximately 6 months to a year. Your better off giving your 30 day notice and getting out. Because he isn't paying his mortgage, doesn't give you the right to not pay as well. He can and will win a civil suit against you if you don't pay. Your lucky your lease is up! You only have to give him a 30 day notice. If your lease had several months or a year left, (providing nothing in the lease allows you to terminate your lease prior to the lease end)you will be held responsible for the rent to the end of the lease or till the bank takes it over whichever comes first! If you really don't want to move find out if he has filed a Chapter 13 or 7 Bankruptcy. If he filed a 7 get out! If he filed a 13 find out if the building your in was reaffirmed if not get out! Good luck and God bless
A.

i think your best bet is to inform your landlord that you are moving, like you said. I know what it is like not knowing what you are going to do for living. and if your landlord is telling the truth then leave that landlord and try to get into a better place. maybe those nice complexes they have now. seems like you and your husband have good heads and are making the right moves. good luck. and move!

BZ,

By now you have probably realized it's in your best interest to move. Dana S is right, it usually does take a very long time for the foreclosure to actually happen (I too am an agent).

Not sure how much rent you're currently paying, but if you're interested, we will have a little-big house (affectionately called by our daughter) in the village that will be up for rent/sale in April/May. You can contact me at ____@____.com if interested in the rental or need other real estate advice.

Good luck,
I.~

Forclosure takes a long time. I would look for another place to go and then when you have found one give your land lord 30days. You shoul dhave plenty of time.

I would definitely move considering you'll have your hands full as is. It's a big deal to move from one to two so dealing with such as huge transition for everyone is going to make things absolutely chaotic if you don't pack up now and find something else sooner than later. I personally would move ASAP even if you are paying rent one month at both places because too much going on at once for your baby (16 month old) will make her act up and not transition well. A birth, a move, a mommy tired and unpacking...Not a good idea. Good luck and hope you find something easily and quickly!