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When the bank takes over a foreclosed home how long can the tenants or renters live there?
From what I understand they have to move immediately .
If you are a tenant in a home that the landlord is going to ask the bank for a deed in lieu of foreclosure how long until the tenant has to be out of the house?
32 minutes. if not then, run!
When I rent a house, do I have the same tenant protections as if I rented an apartment?
As long as you sign a lease you are protected as a tennant. There will be some differences in your resposibilites as a house renter versus apartments.
Does the life tenant loose interest if the remainder man defaults on the mortgage on the property?
As long as there is notice of the life estate in the public land records the bank would need the life tenant's signature on the mortgage and note in order to wipe out the life estate. If the life tenant didn't sign the original mortgage and note then the bank has a problem. If it forecloses, it would acquire possession of the property SUBJECT TO the life estate.
Purchase Foreclosure Homes To Resell?
If you are in the market for buying cheap homes, some of the lowest cost housing you can look for are homes that have been foreclosed on in the recent past. When these homes are sitting in the bank's hands, the bank is often eager to have the home sold as soon as possible so that they no longer need to pay the taxes on that home. Remember, the bank is actually losing money when it is sitting on a home that they have foreclosed on, so you have a lot of room to negotiate, as long as there are not many other bidders doing the same.
How long does a tenant have to vacate foreclosed property from the landlord in Arkansas?
Under the Protecting Tenants at Foreclosure Act, tenants generally have at least 90 days to vacate after foreclosure. In most cases, tenants with longer-term leases may stay until the end of the lease.
What can you do if you have completed bankruptcy and the lender has not foreclosed the home and you are continuing to pay HOA?
You may be able to enjoy your home so long as the bank delays its foreclosure process -- or you can pay your mortgage and sleep better at night.
If a co-tenant does not pay the rent on an apartment can the other tenant evict him?
When more than one person signed the lease each is responsible for the full amount of the rent if the other refuses to pay their share. The ability to evict the co-tenant who won't pay their share varies under different jurisdictions. In some cases only the landlord can evict a tenant. You should contact a landlord-tenant agency in your area or an attorney who specializes in tenant issues.
You are residing in a home that was issued notice of default The landlord for months has promised to fix things but yet nothing is done Is he legally in the right to collect renton a foreclosed home?
Okay, we need to compartmentallize here: 1. The house is being foreclosed 2. There are things that need to be fixed here and the landlord promised to fix them Issue number 1 is between the landlord and his lender, not the tenant. So as long as the landlord has control of the property, he still can collect rent from the tenant and evict the tenant for non-payment of the rent or for other violations of the terms of the lease. Issue number 2 is between the tenant and the landlord. If the tenant needs repairs to the home that is vital to living in the home, such as water heater problems, then the tenant has the option of having the item(s) repaired and the rent offset by those expenses, or terminating the lease by moving out if the situation is inconducive to living in the unit. If the tenant chooses to repair the items then he must give the landlord a notice of at least seven days before the next rent is due that he will do such repairs and offset the rent accordingly. The tenant must then turn in receipts to the landlord in the amount of expenses, and pay the remaining amount of rent. The repair must not be frivolous, and of reasonable costs. The tenant may not charge for his own labor.
How long can you live in a foreclosed home in Michigan?
Michigan allows a 6-month redemption period after the house goes to Sheriff's Sale, also known as foreclosure auction. The owner of the foreclosed house can continue to live in the house during that time. At the end of the six-month period, the bank expects the owner to move out and will serve an eviction notice if the owner is still in the house.
What happens if your landlord's house is foreclosed?
As long as your landlord has control of the property he still has the right to collect rent: whether the house is foreclosed is between your Landlord and his mortgage lender. If the property is taken over by the mortgage lender they may ask you to leave. There may be some form of protection available for you, the Tenant, before you are forced to leave. Get legal assistance as soon as you learn about the foreclosure so that you can be prepared for what's next. You may or may not be required to leave soon.
How long does a tenant have to move out after a foreclosure by the bank against the owner?
Mother's home was foreclosed on. Served with court papers in March, and court trial was in November. The court papers said vacate asap. I am assuming one would have until the court date to clear out. But I think during this time one would have the chance to save the home. This one was not worth trying to save. Very , very old and much time and money need to be spent to make it livable.
