Archive for December 2010

Tenants in Foreclosure- December Update

With this going on for eight months now, I bet you are all losing interest right? My home, which I rent, has been in foreclosure since April is never going to sell right? By now, I have no idea.

The last sale date that was given by the trustee was December 3rd. On the 5th my landlord gave me a “friendly reminder” that my rent was due. I called the trustee to find that the sale date has been postponed once again with a new sale date of January 3rd.

Quite honestly I wish the bank would just auction off the house already. If it did sell at auction then I would no longer have a rental agreement with my landlords and could quit paying them money each month. I have no idea where the money I’m sending it going and that really bothers me.

Based on the research I’ve done if the home did sell at auction the rental agreement would become void. It would be up to the bank or new owners to work out a new agreement with us. They might even offer the “cash for keys” which I’ve heard so much about and since we plan to move anyway, why shouldn’t we benefit a bit from the whole ordeal? If it did sell then how long would it take for the bank or the new owners to contact us? From what I’m hearing it’s taking quite a while for anything to be done on these foreclosed homes. So until that happened I’d have nobody that I owed rent to. Doesn’t sound like a bad deal to me!

If only it had sold at the beginning of December. That would have made for some extra funds for my Christmas shopping