Posted on: 01st Dec, 2009 03:05 pm
I recently moved into a rental house and just found out that the 2nd mortgatge on the home is going up for auction this Friday. What happens to me in this case?
Well, that depends on a few things. Primarily whether the house sells or not. If it does the new owners will need to determine whether they want to keep it as a rental or move in thesmselves. If they want to move in, then they will serve you notice to move out - timeframes vary and you may have some statutory rights as far as how long you can stay in there, but ultimately if the house is sold and the new owners want to live there you will have to move out.
hi guest,
if the second mortgage lender forecloses the property, your credit score would go down by 250 points and it would remain on your credit report for 7 years. moreover, you would be responsible for paying off the deficient amount resulting from the sale of the property.
i would suggest you to contact your mortgage lender immediately and apply for a loan modification so that you can save the property.
if the second mortgage lender forecloses the property, your credit score would go down by 250 points and it would remain on your credit report for 7 years. moreover, you would be responsible for paying off the deficient amount resulting from the sale of the property.
i would suggest you to contact your mortgage lender immediately and apply for a loan modification so that you can save the property.
It depends on what state you are in. talk to a local real estate attorney or even call into a local property management company as they can tell you local laws for rentals.