foreclosure letters from banks
how long is the process of foreclosure?
I am renting and received a letter from the banks attourneys.
What should I do? Should I keep paying the rent? or should I move??
A foreclosure process varies by state (judicial or non-judicial), but in a judicial state, it can easily take 15-24 months before the sheriff sale in conducted.
You should continue to live there if you have to. You are protected under the Protecting Tenants at Foreclosure Act of 2009.You can’t be evicted just because the property is in foreclosure. If you have a lease, you have the right to stay until the lease expires. If the property is bought by a new buyer, they can give you a 90-day notice to leave if he or she will occupy the home.
If you are on a month-to-month agreement, you are entitled to a 90-day notice to move out before an eviction action can be brought against you.
The worst thing you can do is stop paying rent. The homeowner still owns the home and can evict you if you stop paying rent or violate any terms of the lease. Just because a homeowner is not paying his or her mortgage doesn’t mean a tenant can stop paying rent. One has nothing to do with the other.
foreclosure letters from banks
