Foreclosure town

Just found out that the house we have rented for over 4 years is
foreclosed and will be up for public auction in 3 weeks.
I have a $1500 deposit that I need back to move into a new place and I have no way of getting it back now. What am I to do?
Has anyone gone through this before?
Problem is also that over 50 properties are being auctioned off this month and the banks are getting stuck with 90% of them.
The banks don't want to be landlords and evict everyone.
Now we have a town full of bank owned vacant homes and no where for the renters to rent.
What a joke.
Also read where I have to continue paying rent after the bank takes over
until I am evicted.
This is getting serious people.

Oh dude thats crazy. So what are you saying that you may end up homeless? Dont you still have that cabin, or is that the one you could get evicted from? Im thinking maybe since you have paid rent on it for 4 years, after the bank takes over, you might be able to work out a deal to own the house, I mean all they want is someone to pay for it right?

I concur with panam, go the bank and talk to them before the auction! Haven't you seen the late night infomercials? Probably only have to pay the back taxes to get the house, bidding probably would start at that amount, which could be pennies on the dollar! :party::party:

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Originally Posted by freeringo

This is getting serious people.

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It's just NOW getting serious?

Holy Crap Ringo! I wish I could help you on this, but I can't. The same thing happened to my neice. They don't give you any time for adjustments. Maybe the bank will work out a deal. Tell them what you have to work with and see what they say, couldn't hurt at this point. I live in a community called Fore Ranch and the town calls it Fore Ranch Foreclosures. We have condos, townhomes, and homes here. Everywhere you look has a for rent/sale sign on it. I hope you still have your cabin. Hang in there, I hope you get some good news.

Our Cabin is paid for but it is at 6000 feet and we can't live up there in winter and it's 45 miles from town 1/2 dirt roads.
The word I got is that the bank won't get any bidders and will look to evict anyone still in property.
I am going to Property Managers today and negotiate a deal to use my deposit for the next 2 months rent. I will give them a liitle cash to sweeten the deal. Either that or the Owner gets nothing from me and I put my rent into an escrow account and wait for the new owners to contact me. There are other court filings I have read about too.
My main concern is getting leverage on my deposit, now, rather than later.
The new law states that the new owner is responsible to refund the deposit of any tennants. Rumor is, the Banks are renegging on paying it back. I don't want to have to go to small claims to get my money back.
I can win in court and still not get my money. Been there done that.

I wish you the best. I think it has been a rough year for all of us!

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Originally Posted by Stoneydc04

I concur with panam, go the bank and talk to them before the auction! Haven't you seen the late night infomercials? Probably only have to pay the back taxes to get the house, bidding probably would start at that amount, which could be pennies on the dollar! :party::party:

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I wouldn't buy this house with your money at any price.
The default amount is $146,000 and the house is worth about $70,000.
There are 50 houses better to buy than this one.
Money is the issue right now. We have no access to large sums of money yet.

Quote:

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Originally Posted by Pokerkitty6

I wish you the best. I think it has been a rough year for all of us!

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I am not to didtraunt after seeing the local paper today.
It had alot of rental listings in our price range

dont know what to tell you. sounds like a mess but all I can say is good luck hope it works out for you and yours!!

Have you considered consulting a lawyer about getting your deposit back? That doesn't seem right to lose that money.

My Good Karma is back.
I went to see my ex property manager, who use to manage this rental and she just got sued by our owner for defamation of all things and she hates this guy. She gave me some nice advice then said that she had a place opening up in a week or two that would be perfect for us and $50 a month cheaper. We went and looked at it and it is a second home on 4 acres and the owners are never home. Also it's up on a sunny hill 3 miles out of town. SWEET
It's way bigger than our existing place, but it has no garage or storage.
It's got a perfet fenced yard for my giant dog and it has 5 different fruit trees. What a view with 5 windows getting the morning sun.
I called back property manager and said we would take it. She said we can move in mid Nov and pay no deposit. She trusts us and likes us.
We are very happy now.
All this in 24 hours.
By the way, I decided not to pay rent this month and give them a 30 day notice on the 31st. I am breaching contract, but I don't believe they will pursue any legal judgement against me. They will simply take it out of my deposit when it is all said and done. I actually will increase our bank account through this whole change before christmas.
I can't complain about that.
woof

Sure glad most my fire wood is still in 6-8 foot sections. Be easier to transport.
I have 3 cord.

Sure glad that things are working out for you Freeringo. Good luck with the move and new place.

All right Ringo!!! Good news to hear. I can see that smile on your face! Great Karma!!

ringo its not karma its just your a good person. i was hoping things would work out for ya and they did.

Cutting your firewood that way was veeeeeeeeery smart LOL!!!

The turkey

Thank God for so many blessings. Merry Christmas, Ringo! : )