Profile picture for prothugs

The landlord filed for bankruptcy and this house is going to foreclosure. what are my options

Im currently renting this house..what can i do
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August 02 2009 - Las Vegas
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Answers (12)

The bank could demand receipts or proof of payment. If you can't provide it they can and likely will treat you as a squatter (which you probably are, legally speaking). If you aren't paying rent you have a lot fewer rights. Save as much cash as you can and work on packing. Chances are you may get much less than 90 days notice to move. Many "cash for keys" deals come with very short timelines. (I have seen them be just a few days)
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August 17 2009
Let me clarify.

If you have a lease and the property does go into foreclosure then you can stay in the property for 60 days. 

When the property does go into foreclosure there is absolutely no way the bank would know if you have been paying on the lease or not.

Wait it out and get your cash for keys and use that money to get another place. 
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August 17 2009
I concur with wetdawgs that you probably aren't covered under the new federal law that requires the foreclosing bank to allow a tenant to stay in the house up to 90 days.  This is because you're not a bona fide tenant, since you don't pay rent.

However, as "Team Coldwell" noted in his answer, the bank will pay you to leave.  This is called "cash for keys" and usually the amount is anywhere from $1,000 to $5,000, depending on the policy of the foreclosing bank.  So you should probably stay in the house, get your cash for keys when the bank evicts you, and then move on to another rental.
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August 04 2009
Profile picture for wetdawgs
If you stopped paying rent in May, you unfortunately aren't covered by the law.   Therefore, finding a new place asap is prudent.    

Will it hurt your credit report?  It depends on whether or not the landlord files on your lack of paying rent.    Do you have it in writing that landlord asked you to stop paying rent?

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August 02 2009
Not at all, since many SFH landlords don't bother to file the credit report.
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August 02 2009
Profile picture for prothugs
The owner had me to stop paying rent back in May. At the time i was Layed-off (so it was good for me). Now that im back working I'm looking for a new place. I really wanna know if this is goin to hurt me in anyway with buying a home
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August 02 2009
Profile picture for wetdawgs
In May 2009, the feds passed a law protecting renters in cases of foreclosure.  You can find the details if you google it.

1.  If you have a lease, you can stay to the end of the lease if the owners intend to keep it as a rental (if you pay your rent on time)
2.  If the new owners plan to move in, then you have 90 days.
3.  If you are month to month.... then you also have 90 days.

In all cases, to be qualified you must pay your rent on time.

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August 02 2009
I personally would not pay the landlords anymore, if they aren't going to pay the bank your rent. To me it's bank robbery. I would work out paying the rent directly to the bank.
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August 02 2009
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This happened to me and I ended up buying the house (townhouse cndo)  from the bank. They knew they had me as a tenant so they were motivated to sell to me. It was a good deal for me and saved me the cost of moving, depsoit in another rental, etc.
I sold that property ten years later for four times what I paid for it.
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August 02 2009
Make sure you request Cash for Keys. They will pay $1000-$3000 on average for you to be able to find another place to go. In addition, you should consult an attorney, because they (the bank that is) have to honor your lease as it travels with the land, unless you come to an agreement otherwise.
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August 02 2009
you have new protections after foreclosure, Google the recent laws for renters in foreclosed properties. I believe you get at least 90 days after the foreclosure sale.
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August 02 2009
Profile picture for Mr Caveat
1) move out
2) quit paying rent and let someone try to evict you
3) keep paying rent and let them evict you anyway
4) paint the walls in the 4th br black so the next person gets to buy it for a lower price
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August 02 2009
 
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