Posted on: 08th Apr, 2010 06:01 pm
owner not making mortgage payment, i am leasing property bank has started foreclosure procedure on owner. do i have the right to withold my rent payment from owner so i can find a home. will i have the time to look? how long does it take owner has until may 3 2010 or they will start procedure.
Hi lyndanewton!
Welcome to forums!
If you withhold the payments, then you would be going against the contract. You can contact the landlord's lender and make the required rental payments to him. This will help you in staying in the property.
After the foreclosure sale is over, the landlord and you will get 3 days notice period to leave the property. You can negotiate with the lender so that he may let you rent the property even after the foreclosure sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you withhold the payments, then you would be going against the contract. You can contact the landlord's lender and make the required rental payments to him. This will help you in staying in the property.
After the foreclosure sale is over, the landlord and you will get 3 days notice period to leave the property. You can negotiate with the lender so that he may let you rent the property even after the foreclosure sale.
Feel free to ask if you've further queries.
Sussane