Foreclosure and rental property

Asked almost 6 years ago - Glendale, AZ

When looking for a house to rent. How do I know if the property is not in foreclosure and i will be scamed?

Attorney answers (2)

  1. Marc D McCain

    Pro

    Contributor Level 12

    Answered . THIS ANSWER DOES NOT CONSTITUTE LEGAL ADVICE OR FORM AN ATTORNEY/CLIENT RELATIONSHIP.

    ARS 33-808 requires that a lender wishing to sell a property at trustee's sale must record a notice of the sale in the courty recorder's office. also, this statute requires that the lender post a notice of the sale on the property to the extent it can without breaching the peace. If the lender is proceeding via a judicial foreclosure, it will file a lis pendens against the property. You can check the county recorder's website yourself to see if such items have been recorded against the property you are interested in, or you can obtain a title report from a title company.

    note also that i recommend asking any potential landlord about the status of all loans against a property and to provide evidence of payment (such as the current mortgage statement which should show the last payment and any arreages). You should also make sure the rental agreement or lease contains appropriate covenants and representations on Landlord to cover these issues and others.

    Feel free to contact me if you should have further questions or want a referral for a good title company. McCain & Bursh, PLC, Attorneys. www.mccain-bursh.com.

  2. Bonnie Lynn Canty

    Contributor Level 10

    Answered . Check with the County Clerk to see if there has been a lis pendence filed or a foreclosure case pending against the owner.

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