Do i need to pay my rent if my landlord is short selling the home?

Home Forums Buying Your Home Do i need to pay my rent if my landlord is short selling the home?

This topic contains 4 replies, has 2 voices, and was last updated by  admin 2 years, 10 months ago.

Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • #57010

    admin
    Participant

    i found out through a neighbor that my house is on short sale, i found a listing on the computer confirming that the house i rent in is up on short sale. Do i still need to pay rent? who do i keep paying the rent to if i am not being told the house is up for sale? by the way this is in NY.

    #247234

    admin
    Keymaster

    You continue paying rent in the same amount and to the same place until you are otherwise given notice to send your check elsewhere.

    #247235

    admin
    Keymaster

    The homeowner’s inability or choice to pay or not pay the mortgage has no affect on your lease! If you think about it, you will realize that they are two completely different agreements with the same bottom line:

    When you don’t pay, you spoil your credit.

    #247236

    admin
    Keymaster

    A short sale doesn’t obsolve you of your contractual obligation to pay rent.Your landlord morally is supposed to let you know the house is up for sale so you could be prepared should it sell. Foreclosure proceedings generally take about 90days. Not having access to lease agreement I would suspect that you should be notified to give you ample time to vacate. You are in a lease agreement not in a Mortgage agreement . You are not the owner of the property, therefore you would not be ” hurt” by the foreclosure proceedings except to be asked to leave prior to the termination of your lease agreement.

    #247237

    admin
    Keymaster

    what the landlord does with his property that you are renting IS unfortunately for you, not
    your business. LEGALLY, you must still pay rent to him. If in doubt as to who
    owns your unit at any given time, the best solution is for you to open up an escrow account
    or additional bank acct and put the rent $ there and if you are sued for non payment, you
    go to court and just prove to the judge that you were-are unsure whom to pay.
    When you show him the acct is waiting for the legal owner and you will release the
    funds, judges will have compassion and waive penalties and accept your funds.

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic.

Review are closed.



About Satelec2003

We own a network of content-rich, proprietary websites focused on specific vertical categories, including mortgages, deposits, insurance, credit cards and other personal finance categories. Through this network, as well as co-branded web sites hosted by our network of 90+ online distribution partners, we provide the tools and information via a suite of products and services that can help consumers make better informed financial decisions.