Could I Rent a House That’s Going Into Foreclosure? – Local Records Office

Local Records Office – Olympia, WA: One of several worst situations that renters can find themselves in will be renting a house that will go into foreclosure. It’s an uncertain situation and will eventually see the tenants evicted through no fault of their own says, Local Records Office.

If you find yourself in this particular situation, you have a number of rights that you ought to know of.

Local Records Office: Will My Family and I Be Evicted?

Before 2009 nearly all tenants would lose their lease when the home entered into foreclosure, leaving them in times where they had to find elsewhere to live.

However, in 2009 the Protecting Tenants at Foreclosure Act changed in Olympia Washington to ensure any tenant in a in foreclosure process property can maintain their lease and continue to live there, assuming the new owner doesn’t need to use the home for themselves.

While it is certainly definitely not ideal, you will find that numerous people purchase foreclosed properties as an investment, rather than as the place to live themselves. That means many will always be happy to keep you where you are, as they will now be receiving monthly money without having to put any work in.

Remember that this differs slightly for tenants that are on a rolling monthly long-term contract. In these cases the tenant is going to be given 90 days to vacate the home once ownership is transferred, unless they can reach an agreement with the newest property owner.

Local Records Office: Do I Need to Make Repairs?

This is where the issue becomes a bit stickier. Before a foreclosed property comes to a new individual owner, it will usually get to be the property of a bank or mortgage provider for a short time. There is no determining exactly what this period of time will likely be, but it can be detrimental to maintenance efforts about the house.

Local Records Office says, “A bank is not inclined to make sure everything in the house is working because you need it to, and your old landlord will no longer care once the house gets into foreclosure”. This means that any maintenance issues will probably go neglected until there can be a new property owner who is happy to help you to keep renting.

Local Records Office: Pursuing Legal Action as a Tenant

In some cases, the tenant will also have the choice of pursuing legal action in opposition to their former landlord, particularly in the event the landlord failed to inform them that this property was being foreclosed upon.

In a legal sense, this failure to provide information essentially amounts to sham, which means that the renter can sue for monetary loss says, Local Records Office, such as any costs from the tenant being forced to proceed and any rent increases they have had to endure in the task.

Unfortunately, if it has gotten this far then it’s likely that you will have had to move out of your rented property, which is no ideal situation.

The risk of foreclosure is something that needs to be disclosed, if there is a chance before the tenant ever indicators the lease. Otherwise, they are receiving vital information withheld from these individuals, which means their decision can be less informed. To learn more about foreclosure and Local Records Office go to www.LocalRecordsOffices.com

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