Feb
06
Can a landlord kick you out if they are having problems paying their mortgage?
By
The landlord is turning in their house to the bank and we are renting one of the apartments.
Is there any way I can take over the house?
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2 Comments
February 9th, 2010 at 10:18 pm
It sounds like what is happening is that the landlord is not able to make the payments and the mortgage company is foreclosing on the note.
When that happens the lease (in most states) becomes void. You will be evicted by the new owner (which will very likely be the bank).
If you want to attempt to buy the house at foreclosure it is your right to try right along with anyone else.
February 10th, 2010 at 3:03 am
You cannot take over the house unless you can arrange to purchase it from the mortgage lender, possibly at a reduced price. You will have to check your tenancy agreement to see how you stand with regards to continuing renting the apartment. Also the mortgage lender may be in a better position if you stay and pay rent and this could subsidise the landlords mortgage until the property is sold to a new landlord.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to.