How much time do we have ?

[fiveforfighting]

What is the name of your state (only U.S. law)? PA

A man showed up at the door today looking for my landlord. He was contracted by the mortgage company to try and find the landlord. Turns out he's not paying his mortgage and is going to be foreclosed on. He has several rentals in the same situation.

How long has he not paid for them to send someone looking for him ?

How fast is foreclosure going to happen ?

How long do we have to get out once foreclosure does happen ?

Should we still be sending the landlord rent or putting it in escrow ?

What are the chances of the financier allowing one of us tenants to assume the loan ?


In hindsight, we knew something was wrong as his phone was disconnected months ago. We just opted to enjoy him not bugging us about things. This month, he didn't send us our little payment envelopes.

The man who stopped was able to give us the name of the company who holds the mortgage. I'm going to call them tomorrow.

 

[Cvillecpm]

Contact your landlord, get his side of the situation, tell him what happend and then plan your move from the property accordingly.

Your landlord may be in the process of saving his properties and the bank may want you to remain as a resident if they take the property back

 

[ecmst12]

The mortgage company can't tell you anything, you are not their customer.

 

[Cvillecpm]

ECM is correct and wrong...the people who came to see you at the property are usually third party companies - usually associated with a real estate co - that go to properties to see if they are occupied and post the property. If there is someone at the property, they will talk to them and the information they provide is usually incorrect because they don't have both sides of the situation - they have just been dispatched to check the property by a clerk somewhere.

 

[ecmst12]

I mean if OP calls the bank which holds the LL's mortgage, he won't get any information because he isn't the mortgage holder.

 

[Cheeseknife]

How long has he not paid for them to send someone looking for him ?

Depends on the lender's policies of how far behind someone can be before starting the foreclosure process

How fast is foreclosure going to happen ?

Foreclosure is a legal process, so it will largely depend on how busy the courts are in your area.

How long do we have to get out once foreclosure does happen ?

Could be 30 days after foreclosure, of course the bank may very well be fine with you just making the rent checks out to them. With the real estate market like it is there is a very real chance that without tenants the property would just sit empty.

Should we still be sending the landlord rent or putting it in escrow ?

Until the LL's ownership interest in the property is legally terminated you need to pay your rent.

What are the chances of the financier allowing one of us tenants to assume the loan ?

That would depend. If the LL is willing to release his interest and you can qualify for the mortgage I'm sure the lender would jump at the chance to not have yet more back log of foreclosed properties.

I'm going to call them tomorrow.

No point in doing that. They can't, and won't, give you any information as you aren't the mortgage holder.