what to do about a foreclosure when I'm the renter

123clairebear
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I'm in a lease from where I rent and they are going to auction the house in September. The owner and a family member are feuding over the property and have not paid the bank even before I moved in of course I didn't find this out till after the fact. Who would honor my year lease where I live and when should I try to get my deposits back. The owner is trying to sell the property but because it is commercial it may take a while. Please offer me some advice anyone!!!!!!

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June 23 2009 - Lynnwood

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Ardell DellaLoggia, "ARDELL DellaLoggia"
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Washington has recently enacted new rules to help tenants in this situation. Owners continue to have 20 days to vacate after the Trustee Sale - Foreclosure. The timeframe for tenants to vacate has been extended to 60 days. More detail in link below.http://www.raincityguide.com/2009/06/19/longer-waiting-period-to-evict-tenants-after-foreclosure-in-wa-state-effective-july-26-2009-and-free-legal-aid-for-wa-homeowners-facing-foreclosure/

Often the Trustee Sale is postponed, so having 60 days to vacate after knowing that the sale has actually happened, should give you sufficient time to find a new place. In the meantime, rental cost continues to decrease, so if you like where you are and are enjoying it, sounds like you will have at least until sometime in November, and possibly a bit longer.

These are difficult times for many. I have heard that you do not have the option to break your lease in the meantime. If your quality of life is being diminished due to worry, you may want to consult with an attorney and that link provides some new info on free legal advices that you might be able to utilize.

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June 23 2009

123clairebear
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I signed the lease in March for a year. I have been to many websites and have seen some information about Obama signing something protecting renters in this situation it states that( they ) I just dont know who they are have to honor the lease unless the person that buys it is going to live in it, then I have read that you still have 90 days. I just wanted to know if anybody has ever been in this situation. I appreciate your answer to this.Maybe I should explain better.... my fault. May I started receiving notices where I rent that the owner is in de-fault and that they needed to come current to stop the forclosure they give 30 days then comes another notice and that states that if you dont pay up then the house will be auctioned off so we still are 90 days away from this. the owner wants to sell this house and has put a very large sign in the yard as well as some of his other properties. I have read that Obama signed something protecting renters rights.

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June 23 2009

BMFPitt
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If they have already been foreclosed on, then they are not the owners of your residence, so stop paying rent to them. This should hopefully make up for your loss of deposit. Then I would go about looking for a new place to live. In theory the bank would probably be better off renting to you than selling at foreclosure, but I have not heard of this actually happening anywhere.

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June 23 2009

sunnyview
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I am sorry that are facing this problem. These sites here and here have the typical foreclosure timelines for WA to give you some idea of how long you might have. If the house is foreclosed, no one will honor your remaining lease. Your deposits are also at risk. Once the owner loses the property to back to the bank, you would likely have to sue in court for the return of your deposits. Can I ask how long is left on your lease and how much do you stand to lose in deposits?