I got an intent to forclose notice on the door of the house I've been renting for years. My landlord said he would take care of it but has done nothing in the last few weeks according to the information sources I am keeping up with and has other foreclosures in his name so I dont trust that he is doing that.
Is it typical for the bank to allow current tenants to buy/take over mortgage for the house? Would I have to wait for the house to actually be forclosed on before I could be considered for that?
I just want to know if I have the right to do anything like that if my landlord still owns the house or if none of that is any of my business and I should just start look for somewhere else to live. Thank you.
You should seek loan info to see how much you can qualify for, and then seek info from the foreclosure people and tell them if you are interested.
You would not be allowed to take over the mortgage and it is NOT typical of lenders to let tenants by it.
Any time, prior to purchasing a foreclosure, you need to retain an experienced MD mortgage foreclosure defense attorney, who will have the expertise to help you avoid problems with foreclosed properties, which can have devastating financial consequences for the uneducated and unprepared. . Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
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You do have rights as a bona fide tenant in terms of remaining in the property after a foreclosure that a knowledgeable attorney can explain to you.
Most residential mortgage loans are not assumable or assignable according to their terms. You can download a copy from the online Maryland Land Records and review to determine. Some are assignable with the consent of the lender, especially if the lender is not an institutional lender.
If you can qualify for a mortgage loan you could explore purchasing the property through a short sale (assuming the property is worth less than the loan payoff balance).
Good luck to you.
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