What to do if your renting and the home is being foreclosed on?
Firstly, any entity that takes over ownership of a property is responsible for all of the lease obligations pertaining to the previous owner. That means that the present ownership does not have a valid excuse for sitting on deposit or other funds owed you; inform them that immediate payment is required or you will sue. (In small claims court, the case is a slam dunk.) Also by this rule, the bank will take over any of the present owner's obligations that exist on 6/5, so your lease remains valid; if you wish to stay in the place, talk to the bank. In fact, talk to them anyway, as they will want to know what your plans are. (If you really like the place, they might sell it to you on reasonable terms; no bank likes to be the owner of foreclosed property.) The present owner is entitled to rent payment by the terms of the lease, presumably on June 1; if you choose to deduct any sums owed you from that payment, the worst that can happen is that he sues for eviction, but (1) you can defend such a suit with good chance of success, based on the foregoing; (2) the time required will probably be long enough that the lease will be over before an eviction could take place even if you lost.
by rhsaunders - 18 hours ago
Long ago I was notified by phone a month notice the owners were being foreclosed on, anyway we just moved. He did sell it and was lying. but people are usally reasonable, if not you will have a judgement in small claims court.
by kim - 18 hours ago
Bringing Repeat Clients To The Table: Coya Dubai Masters The Guest List
Companies need to find routes of innovation when competition is fierce. enterprises looking to set apart their service and...
Aramex Teams Up With The Happy Box
Aramex announced in June a logistical partnership with The Happy Box, which is yet another CSR initiative taken up by the...
Is Equity Crowdfunding The Right Financing Option For Your Business?
Is equity crowdfunding the right financing option for your business? Accessing capital is vital for almost all early-stage...
Get Specific: Why Software Designed for Your Industry Works Best
When implementing a MRP system to handle enterprise resource planning your business faces a choice; an off-the-shelf package...
Demand for Online Services Makes Mobile and Wearable Payments a Must, Study Finds
As many as three quarters of shoppers are making mobile purchases each month, and 64% say they would be willing to make...
Proof That Good Character Spurs Financial Success
A great legacy is the expression of fine character traits: Who have you helped along the way? Has your business helped...