I am currently renting a condo in naples, florida and this past saturday i got served with a foreclosure notice i called my landlord he says that i need to throw out the papers and forget about ti because its his other property in naples i was being nosey and i read the papers and it was for the property that i am renting at and it states that if he doesnt respond in writting within 30 days that they would have the right to the property so he is basically pocketing my money should i find another place to stay right away or do i wait i dont know what to do
Would I still be required to pay the rent if I know the landlord has no intention of paying the mortgage? He has made it perfectly clear he is trying to get a satisfaction of judgement.
There are many misunderstandings about the foreclosure process. If the case has just been started, the landlord normally has 20 days to respond, but some lawfirms give thirty. That does NOT mean that at the end of the 30 days the lender has the right to the property. That is not the case at all. First of all, it is possible that he might contest the foreclosure. Many people do. The banks are not always right, there are many errors made, and often times the borrwers have fraud issues or others they can raise in defense.
Second of all, sometimes landlords with rental properties file Chapter 11 petitions, to restructure their assets and debts. Many business people do this, including Delta Airlines right now, and Lehman Brothers.. A Chapter 11 would stop the foreclosure for a long time, or maybe permanently.
Even if your landlord does nothing and the foreclosure goes forward, it will probably take at least 90 days before you actually would have to go.
It would be best to speak to your landlord again, tell him that you read what you got, that it does appear to be the same property, and that you wou;d like to know his plans.