Tenant with option to purchase home in foreclosure

[madcitysmiles]

What is the name of your state? Wisconsin

I signed a one year lease in July of '06 for a single family home I am living in now. The wife of the owner signed the lease.

On the city property records the owner is listed as the husband, with a C O before the wife's name.

Rent checks have been made out to her, which she has cashed.

I also have an option to purchase the home signed by the wife of the owner.

The mortgage holder filed for foreclosure November 2.

Can the bank evict me? If so, when?

As long as there isn't a short sale, or the sellers come to the closing with enough cash, can the bank do anything to stop the sale?

Because the wife signed the lease and the option to purchase, are there any issues I need to be aware of?

Thanks!

[LindaP777]

Originally Posted by madcitysmiles

Can the bank evict me? If so, when?

The bank (current mortgage holder) can evict you anytime after the sheriff's sale, but not before. I've seen it take anywhere from a week to a few months and sometimes you can negotiate some moving expenses from them to hasten your move.
You will receive notification at every step. Has the bank sent you notification that the house is going to the sheriff's sale? If it has gone to sale, was it bought back by the mortgage holder or another buyer?

[madcitysmiles]

Originally Posted by LindaP777

The bank (current mortgage holder) can evict you anytime after the sheriff's sale, but not before. I've seen it take anywhere from a week to a few months and sometimes you can negotiate some moving expenses from them to hasten your move.
You will receive notification at every step. Has the bank sent you notification that the house is going to the sheriff's sale? If it has gone to sale, was it bought back by the mortgage holder or another buyer?

Thanks for the information.

I have not received any noticiation. None. The bank just filed on November 2.

I have financing and will be excercising my option to purchase and it looks like we'll be able to close by the end of December. I'm crossing my fingers the sellers can close.

Where did you get your information? Are you an attorney? Are you familiar with Wisconsin law in this area?

Alex