Hello I was served with a notice that the home I am renting is being foreclosed on because the landlords have not paid the mortgage since March 2012. I have a two year lease on the property which I signed in August of 2012. The house was in pretty bad shape and as part of the deal, I fixed up the house in exchange for lower rent. The rent is only $600 a month. I put in about $5,000.00 worth of work into the house. Now I am wondering if the bank can evict me from the house after they finish with the foreclosure. Will my 2 year lease stand up, especially considering that the rent is low? Is the bank obligated to let me live there even though the landlords rented the house to me after they stopped paying mortgage? I would appreciate any help
If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.
A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.