Foreclosure

When you buy a home, you usually get a bank loan and agree to repay it with monthly payments. If you fail to make the payments, the bank can start a foreclosure action, which enables them to sell your home to pay off the loan. Foreclosure laws are very detailed and strict about the process the bank must follow.

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Posted 9 months ago.

judymrogers' Comment: Hi: I havent paid my house for a few months, so I decided to rent out a more affordable house and rent mine. The tenants have not paid for 3 months now. And they were served a letter for a foreclosure notice by our mortgage company, they were given our papers and informed of our financial status. ( IS THIS ALLOWED? ) Now they do not want to pay, do not want to give us the paper, refuse to leave the house. Was those papers supposed to be given to us or to anyone? Where the tenants allowed to know all of our information w/o being the owners of the house? Are they allowed to open our correspondence? We also returned a car we were behind on payments, and the tenants received a notice to replevant and opened our letter !. Was the financial institution supposed to serve the letter to the owner or to anyone? My tenant opened my letter, is ther something I can do? Please help, jmr

Victoria Clemans

Avvo Rating: 7.6 (Very Good)

Posted 8 months ago.

Lawyer's Comment: The Bank will probably hire an attorney to do what's called an unlawful detainer to gain possession. You, as a tenant can be held responsible for the rent even if you had no knowledge that the home was in foreclosure. But in this scenario you do have knowledge, so your free rent days there are coming to an end very soon. If it ends up in court, you can always sign a stipulation to stay out the rest of the month and not be held responsible for rent or attorney's fees. If not in court, I would call the attorney for the Bank and try to negotiate.