Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

Is Your Landlord In Foreclosure?

September 12, 2009

Is your landlord in foreclosure?

A growing problem among people who rent their homes is that their landlord is allowing their home to go into foreclosure, but is not telling the tenants about it.  What happens if your landlord goes into foreclosure? Should you keep making your rental payments? If the bank forecloses, will it kick you out?

Although the laws are different for each state, here in Arizona, it appears that you might have at least some protection. According to a story that ran in the AZCentral.com not too long ago, you do have certain rights. Valley Real Estate attorney Christopher Combs, says that in the event that your landlord goes into foreclosure and you still have a period of time left on your lease:

Under a new federal law that took effect May 20, the bank generally would have to honor the lease of bona-fide tenants.

One of the exceptions to the new law is that if the bank sells the home to a buyer who will use the home as a primary residence, the bank can then furnish a 90-day notice of eviction to the tenants.

In regard to your liability as the landlord, if your tenants are evicted, you can be held liable for your tenants’ monetary damages, such as higher rent and moving expenses, due to the early termination of their lease.

What is the best way to know if your landlord is in foreclosure? If you just want to check once if your landlord is in foreclosure, you can easily check the county records – in the foreclosure process, a Notice of Default must be filed and is a recorded document. Here is also a site ( Rentalforeclosure.com) that you can check to see if your landlord is in default ( although according to at least one source, this site may not always be accurate).

And if you are concerned about monitoring whether your landlord is in foreclosure, there is a new service available from Lemonlandlord.com where it will monitor whether your landlord goes into foreclosure for something like $3/month.

Is it worth a few dollars a month to keep an eye on whether or not your landlord is in foreclosure?

Seems to make cents to me.

Filed Under: Miscellaneous Fun Tagged With: Landlord in Foreclosure

Recent Items

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Latest News

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Search

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us