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Will I have to leave my rented home if owner is foreclosed on?

My landlord and I have a 1 year lease that is up in Oct 2011. He recently got papers served to him from his mortgage company who is trying to foreclose on the home we live in.
The property is a duplex, landlord on one side, my family on the other. He told us that the bank "was going to foreclose, but he caught up on payments" and that the papers he was served was just basically a formality bc they had started to foreclose before he came current with mortgage payments. Today, we became aware of a letter from the Core Logic Field Services group  for a work order on behalf of the mortgage lenders, Wells Fargo and they needed to know who all lived on the property and if it was being rented out to anyone. What is going on? Can he really have made payments and gotten current on the mortgage AFTER he was already being taken to court for foreclosure? If his home is being foreclosed, what is my family's best course of action. We just paid June's rent of 475.00 to him and he assured us all was well. Is he lying? We live in Indiana.
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June 01 2011 - New Albany
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Answers (5)

Profile picture for user8109580

I work for said mentioned Field Svcs group and NO the bank will honor any contract that you currently have in place.  The only difference is that you would pay the bank the contractual amount instead of the Homeowner until your lease is up.   

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March 08 2013
You've gotten some pretty good info so far and just to expand on that here's some additional. I'm a broker in IN and list foreclosure homes once they have been foreclosed on. When I am assigned a new property, I do an initial check to see if its occupied. If it is the bank I represent will work with that person living there if its a tenant so they have time to find somewhere to live.

Also, the counties I am in down in Southern Indiana - Clark and Floyd - have the addresses of properties scheduled for sheriff sale on the sheriff website. You might check to see if the county shefiff where you live posts that info on their site so if/when the home is scheduled for sheriff sale you would know by checking that website a couple times week to see if it shows up.

Hope that helps.
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June 02 2011
jhelton777,

I am sorry to hear about this situation affecting your family.  I grew up in Louisville right across the river.  You need legal advice, fast.  There may be a local or online consumer advocacy organization that can offer free or cheap legal advice.  Good Luck!

Capt. Shawn
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June 02 2011
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thanks, I did some research after reading your answer, and in my state with our lease I will have some time to find a new place after the lease is up. my rented home IS in foreclosure and they did not accept those payments he said he sent to "catch up" on the mortgage after foreclosure proceedings began. so now I know the truth, my rights, and what to do next and am better for having found out on my own rather that take my landlord's word for it.
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June 01 2011
You should be able to check with your local county recorder, to see if the home is still in foreclosure. If they have a reasonable website, you may be able to check online. 

You have several protections these days. Even if the bank forecloses, they can't just kick you out on the streets as new laws were passed regarding this a year or two ago. You should be able to stay through the end of your lease, and 90 days after that.  Link 
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June 01 2011
 
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Will I have to leave my rented home if owner is foreclosed on?
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March 08 2013 | 5 answers
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