3 replies to this topic

[redinsmb]

I'm having an extensive amount of difficulty figuring out where the building I live in stands in the foreclosure process.

Via public records I can see that the foreclosure process began in June of 2012. I can see that not much else has happened since then and I am 99% sure my landlord has written the building off and walked away.

Looking at the public records I saw something that perplexes me and I'm hoping someone can help me understand what it means. There is a "Date of Sale" listed as January 24, 2013 (two weeks from now) and an auction company listed. Is this the date that the building will be auctioned and either sold or reverted back to the lender?

I've called the lender and can't get information because they can't pull up anything without the mortgage loan number because it was a loan purchased from another bank so the name and address won't pull it up in their system. The lender was very helpful and I faxed in paperwork so that they know there are official tenants living in this building so they can proceed accordingly (ie: not serve notice to the landlord and then change the locks - because I'm not confident he will tell us if the bank serves him an eviction and I don't think our lease, though legal, is listed anywhere but on the paper copies each of us holds).

I can't seem to locate any court cases with my landlord and the foreclosing bank, the best information I can get is from the Recorder of Deeds web site and that is vague, when I called their office and asked what the "Date of Sale 1/24/12" meant the woman (who clearly had trouble having enough energy to exist as a person) said to me, "I don't know." When I asked, "Is there someone else who may know?" She said, "I don't know."

I've also called the auction company (*****) but there is no way to speak to a person there, it's all automated information that basically tells people to show up for the auction on the date listed and have a cashier's check.

I also posted this over in the foreclosure forum, but I'm hoping maybe some fresh eyes might have that bit of information I'm looking for, or a tip for how to get it!

Thanks!

Edited by FindLaw_AHK, 11 January 2013 - 12:28 PM.
This post has been edited to remove personal or identifying information. -Moderator

[Stewart_1420]

First what state do you live in but does not matter, it the law is clear in the matter of tenant/landloard lease agreements. My best suggestion is to go google foreclosurerental property in your state and find some information on that sight it will give you the information that you need if you are the tenantof the property that is being sold going into foreclosure or being listed for sale in any way. In any case this could be as simple as a short sale to another lender and nothing you need to worry about unless they sale the property as for "Use as a different business." Good Luck!!!! finding your answer

[redinsmb]

Thanks Stewart - the bank representative informed me that the process is usually that they push it through the court, the court then rules for them and the building gets put up for auction. At that point a private buyer can buy it, a company, anything, or if no one purchases it the property will be defaulted back to the bank's possession. I'm not too concerned about having to leave immediately anymore, I've filed the lease with the bank and our lease does have an agreement in it that if someone purchases the building they can notify us after the sale and give us 60 days to move. This is sort of a double whammy because 60 days to move with a young child isn't super easy, and it could also mean they can break our lease and offer us a new one at a higher rate (which would basically mean we'd have to move). We're in Chicago, IL which is a great place to be for tenant's rights, but I can't seem to locate any information about WHEN this all might happen. I keep getting road blocked by sites that show the property record and then want me to pay for additional information (which may or may not be useful to me).

It just seems like I should be able to find out in the public records when the building is going up for auction so I can inform myself as to who owns the building I live in and where I should be directing my rent check. Another possibility is that if I know the building will no longer belong to my landlord a month in advance I can try to work out with him to use our security deposit as last month's rent, rather than have to try to locate him after the fact to get it back. It may be easier for him to cut his losses than to come up with almost $2000 to return to us. If I know he won't own the building a month in advance (and as a result won't be able to try to evict us for not paying rent) I can hold the rent check and leave him a note where he usually picks it up asking him to stop by or call me so we can talk. I'm not comfortable doing that unless I KNOW the building is changing hands though, rent is due on the 1st and I pay it on the 1st so I am never in breach of the lease agreement, I'm not willing to risk breaching the agreement just because I can't get the guy to contact me, if that makes sense.

I keep googling our address too, it comes up listed as a foreclosure and lists the dollar amounts but that's about as much information as I can get via that avenue.

[FindLaw_AHK]

You maybe interested in reading:Tenant Eviction in Foreclosure: What Are Your Rights as a good resource to learn more about this subject matter.