I live in Florida, The owner of the apartment says that the bank wont accept anymore payments on the mortgage, yet she’s wants to rent it to us. How long does a forecloser take and when would we have to be out? The property appraisers web site on the computer isn’t showing any forcloser YET!! Does anyone have any experience with this or any advice? She wants to rent to us month to month.
Negative!
well if you don’t mind living month to month not know where you’re gonna live then it’s probably not a bad idea.
I wouldn’t do it as the bank can kick you out at any time. Obviously she just wants to make some extra cash before they take her apartment.
Sure. No need to pay rent, either. By the time you get evicted, she won’t own it anymore.
Absolutely not.
Absolutely not. As a Realtor, I would strongly advise against renting a property that is in forcosure or has been forclosed on. The bank has no obligation to continue the rental agreement and depending on who the bank is they more than likely will give a 5-14 day property vacate notice, and you will likely loose any security deposit you have paid. In most states, the forclosing mortgage leinholder has the right to change the locks without notice, and you may be unable to retrieve your personal property for 15-90 days after they do so.
I assume you have a lease. In order to not pay your rent and have it held in escrow you must go to court.If she is not discontinuing any of her services to you, I see no reason to withhold rent. You do NOT have the right to live on what is still her property for free. I think she was very fair in warning you about her situation.
If you are worried, seek another place to reside, if your lease is up.
Normally, when an apartment building is sold, having tenants and leases are a major selling point.