Forclosure on home we are renting

[lorrainemadison]

What is the name of your state? new mexico
Hello. I am completely confuse and frustrated with the rental company in which I have a lease with.Well we have received 3 summons stating that the home in which we are renting stating that a foeclosure process has begun. I have noified the rental company about this issue and they say they it is new information to them. I don't get it because it is a rental company, they should know what goes on with the tenants home. Then, the rental company says that they spoke to the owner and that it is also new information to him. So i don't know who to believe. I guess my question is " does this foreclosure notice basically void our contract with the rental company." I know I have an obligation to pay becasue I was in a one year lease, but i don't feel right giving my money to a company that is going to put it in a trust fund for the owner because they don't want to give the owner the funds just yet. So another question is should we still be paying thsi rental company rent?? or is our contract void?????/ Please help us in any way you can, even if it's minimal information.

Thanks sooooooooooooo much!!!!

Sincerely, Lorraine ******ez and Ronnie Baca

 

[Who's Liable?]

What is the name of your state? new mexico
Hello. I am completely confuse and frustrated with the rental company in which I have a lease with.Well we have received 3 summons stating that the home in which we are renting stating that a foeclosure process has begun.

Seems odd that you the tenant would get the notice, and it wasn't addressed to the owner of the house...

I have noified the rental company about this issue and they say they it is new information to them. I don't get it because it is a rental company, they should know what goes on with the tenants home.

Not necessarily, a rental company only performs MANAGEMENT of the property. They are NOT the mortgage company holding the title of the house.

Then, the rental company says that they spoke to the owner and that it is also new information to him. So i don't know who to believe.

If it really indeed was a foreclosure notice, the LL is a bit embarrassed that you all found out about it and of course is denying it.

I guess my question is " does this foreclosure notice basically void our contract with the rental company."

Yes.. but ONLY when you get the notice to vacate from the mortgage company. NOT right now...

I know I have an obligation to pay becasue I was in a one year lease, but i don't feel right giving my money to a company that is going to put it in a trust fund for the owner because they don't want to give the owner the funds just yet.

That decision is not yours... You STILL have to pay rent up until the time you get the notice to vacate.

So another question is should we still be paying thsi rental company rent?? or is our contract void?????/ Please help us in any way you can, even if it's minimal information.

Uh.. Yes... Faiulre to pay rent will result in an eviction. The LL's legal affairs are not your business. YOU do not own the home, therefore have NO legal power to do anything but pay your rent as agreed to by the terms of your lease.

 

[acmb05]

Seems odd that you the tenant would get the notice, and it wasn't addressed to the owner of the house...

This is actually quite common especially if it is HUD who is foreclosing. They will send the Occupant of the home notice to vacate in a certain time frame. If they do actually foreclose then they would go thru the eviction process if the OP does not voluntarily move.