Foreclosures are a huge part of the real estate market in Arizona. For some, foreclosures are an opportunity, for others, they are a nightmare.
Over the past several months, I have had many conversations with people about what happens to a tenant when an owner loses the home. We have all heard the horror stories of people coming home to an eviction notice and the terrible situation it can put them through.
The National Association of Realtors “supports programs to reduce the impact of foreclosure on communities.” In fact, they have talked about tenants rights quite a bit this year. From a NAR article we learn:
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:
* The new owner wants to occupy the property as a personal residence, and
* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.
Unfortunately, not all people are aware of their rights. The fact is, most people would prefer to be notified prior to a notice being served. After my friend Jeff called recently to ask me to look into a potential foreclosure situation for a friend of his, I decided to meet with the guys at LemonLandlord.com to learn more about their service. Take a look at this video.
If you have any questions… ” Just Call Nick!”
We are happy to help.
I have a question. My landlords property was going into foreclosure. She sat in my livingroom and told my husband and myself that she had not been paying the mortgage on the house. Well I had some people from the bank to come by and they took pictures of the property. The lady from the bank even showed me on a list from the bank where the address was on the list of foreclosures for the bank she financed through. Well when I called her and told her that I had some people from the bank show up at the house and they were taking pictures of the property she told me not to worry that the house was not in foreclosure that she was trying to modify the mortgage for the property. I still felt uneasy about the whole situation because it takes money to move and all my money I had been giving her to pay the mortgage and come to find out she was not even paying the mortgage on the property so I felt if she was not paying why pay her. Well I got another notice in the mail from the bank for the landlord and it was an agreement that she had entered into to stop the foreclosure process. She chose to do a short sale on the property so in all actuality I am still out of my money. Can someone help me and let me know what to do in this situation.