alanab 0 #1 March 7, 2007 hey... i need some legal advise please! my bf and i rent a house through a property management company. we have a lease through july 2007. starting in december, we got notices saying the owner of our house (not the rental company) has not paid the mortgage and that our house was being forclosed. fast forward to yesterday, we got a notice saying our house goes up for public aution april 4th. our rental management company says we should seek legal advise and if the house goes into new ownership, that voids our lease. we are interested in buying the house to have as our own, but we don't know what to do or how to go about it. any advise would be greatly appreciated. thanks! Quote Share this post Link to post Share on other sites
skyguy78 0 #2 March 7, 2007 I believe that any lease or lean on a property will carry over to new owners. I would check with a lawyer but I think that the contract would not be void and the new owners have to put up with it until the contract expires.There is a fine line between being a hopeless romantic and a stalker Quote Share this post Link to post Share on other sites
Thanatos340 1 #3 March 7, 2007 Contact a Lawyer. A real one that is Local. Contact the Bank that holds the Mortage and tell them you are interested in Buying the property. Also discuss it with the owner if possible. Sounds like you may be able to get a great deal. Quote Share this post Link to post Share on other sites
CSpenceFLY 1 #4 March 7, 2007 Alot of times these things get handled by the owners at the last minute.But if you can arrange the money theres a good chance this could work out well for you.Good luck. Quote Share this post Link to post Share on other sites
skinnyshrek 0 #5 March 7, 2007 QuoteContact a Lawyer. A real one that is Local. Contact the Bank that holds the Mortage and tell them you are interested in Buying the property. Also discuss it with the owner if possible. Sounds like you may be able to get a great deal. As apose to a fake onehttp://www.skydivethefarm.com do you realize that when you critisize people you dont know over the internet, you become part of a growing society of twats? ARE YOU ONE OF THEM? Quote Share this post Link to post Share on other sites
Thanatos340 1 #6 March 7, 2007 As opposed to those that just Play one on DZ.com. Quote Share this post Link to post Share on other sites
skinnyshrek 0 #7 March 7, 2007 QuoteAs opposed to those that just Play one on DZ.com. Well here is my 2 cents worth, having been in the mortgage business a while ago. Just because it is in foreclosure proceeding doesn't mean it will be foreclosed upon. If the owner makes a payment then the whole process starts again. Pain in the ass to do.http://www.skydivethefarm.com do you realize that when you critisize people you dont know over the internet, you become part of a growing society of twats? ARE YOU ONE OF THEM? Quote Share this post Link to post Share on other sites
tigra 0 #8 March 7, 2007 Actually, the owner would need to re-instate by paying everything he owes including legal fees, and yes, that is still possible. Once they actually set the auction date, its either already a done deal, or really close. The auctions are public-if you are serious about purchasing it, you should contact the agency handling the auction for the proper procedures- how much you'll be expected to put down, that kind of thing. And do some research in your neighborhood to get a realistic idea of what the property is worth "as is" and decide the most you are willing to pay. Also get all your ducks in a row regarding financing- make sure you qualify and can close quickly. Auction contracts tend to be "as is" without contigencies- if you can't close, you lose your earnest money, as much as 10% of the purchase price. Once you get to the auction, resist the urge to get into a bidding war if the bids go higher than what you are prepared to pay. I went to a public auction once and I was amazed at how much some of the properties went for- they weren't bargains by a long shot! Good luck! And I agree that the sale should not void your lease, but don't expect it to be renewed either! Quote Share this post Link to post Share on other sites
davedlg 0 #9 March 7, 2007 Sounds like you are going to need a lawyer. I know a whole bunch of lawyers in the Denver area if you need a referal. You might want to start talking to banks now to get pre-approved and see what you can afford so that you can go to the auction with financing in hand if it becomes nessecary. Quote Share this post Link to post Share on other sites
CSpenceFLY 1 #10 March 7, 2007 QuoteQuoteAs opposed to those that just Play one on DZ.com. Well here is my 2 cents worth, having been in the mortgage business a while ago. Just because it is in foreclosure proceeding doesn't mean it will be foreclosed upon. If the owner makes a payment then the whole process starts again. Pain in the ass to do. You just learned that on DZ.com. Quote Share this post Link to post Share on other sites
skinnyshrek 0 #11 March 7, 2007 no when people wanted to re-finance their house when it was in foreclosure. they just have to bring their payment up to date. Unless there is a shit load of equity in the house the banks would rather you make good on your paymenthttp://www.skydivethefarm.com do you realize that when you critisize people you dont know over the internet, you become part of a growing society of twats? ARE YOU ONE OF THEM? Quote Share this post Link to post Share on other sites
jumpchikk 0 #12 March 7, 2007 that is if they get refinanced and also they may have to bring it current with the new mortgage lender, but typically the old lender, the one that declared foreclosure on them will want the whole ball of wax...default payments/attorney's fees, title search fees and publication costs it varies state to state...definitely contact an attorney in that state... Quote Share this post Link to post Share on other sites
alanab 0 #13 March 8, 2007 anyone in the legal field in denver that i could talk to? or know someone that could help? PLEASE! Quote Share this post Link to post Share on other sites
Taylor610 0 #14 March 8, 2007 I actually bought a house in a similar situation by just going to the bank it was financed by and buying the house from them, with the current owners signature. It keeps him from having a forclousure on his credit record and you get the house for what is owed on it. Good deal if it isn't hocked up to more than the house is worth... Quote Share this post Link to post Share on other sites
alanab 0 #15 March 8, 2007 i talked to the current mortgage company, they said we have to buy it from the owner (a fradulent business guy in town, no thanks) OR have cash in had at the auction on april 4th, no budget for that either. we are basically screwed, unless we can find on the lease that it doesnt say anything about change of ownership and vioding the lease we have with them... any lawyers out there? Quote Share this post Link to post Share on other sites
Remster 30 #16 March 8, 2007 Quoteany lawyers out there? This is important stuff Alana. YOU should contact a local lawyer, not hope that some poster on DZ may know something about that.Remster Quote Share this post Link to post Share on other sites
alanab 0 #17 March 8, 2007 QuoteQuoteany lawyers out there? This is important stuff Alana. YOU should contact a local lawyer, not hope that some poster on DZ may know something about that. thanks remi... i was hoping to find someone i could get legal advise from or at least a contact through here, so i could avoid the costs that go along with it. thanks for your help Quote Share this post Link to post Share on other sites
chaoskitty 0 #18 March 8, 2007 QuoteSounds like you are going to need a lawyer. I know a whole bunch of lawyers in the Denver area if you need a referal. I think davedlg offered to help with finding you a lawyer.. Quote Share this post Link to post Share on other sites
