Im renting from a realty comp. who rents our apt. for someone. It is currently in foreclosure. do i have 2 pay

Question:

apartment i'm renting is in foreclosure.person who owns it is taking monthly rent and putting it in his pocket. We pay a realty company. what options do I have? Do I have to keep paying on this contract even though money given is not going too purpose of the payments? Contract is with realty comp. not owner of apt. being foreclosed on. Payments have not been payed on for 6 mths. Do I have to keep paying total amount of rent or are there options I can take to possibly stop giving this person my money for free?

Answer:
Is there a way to pay the reality company directly? If not keep record of all your payments because that's the proof that you have the you are making payments. Just because the person who currently owns it is pocketing the money doesn't keep you from making payments on the place you are renting. ( You are living there- it's not suppose to be for free. ) It's not your fault that he/she is not giving the money to the correct company. Since you are still living there you should continue to make payments otherwise you can get evicted for non payment and be taken to court or get a collections on the rent owed. I would also contact the reality company directly and see what they want to do about this situation- I am sure that they want all the money that is owed to them.

Because your contract is with the realty company, you really should not reduce or stop your monthly rent payments. It will reflect poorly on your credit, it may get you evicted, and you may have trouble finding another company that will rent to you afterwards.

You should start looking, however, for another place to live. The foreclosure is surely a legal reason to break your lease.

You are living there, you must pay rent. where the rent goes is none of your business...BUT MAKE SURE YOU RECEIVE AND KEEP RECEIPTS FOR YOUR PAYMENTS.

If you are not paying your bills, should your employer stop paying you?

If you are living there, of course you should be paying the rent.
What the landlord does with the money is not your concern.

same concept

Yes, just because the owner's mortgage contract is in default doesn't give you a basis for letting your lease contract go into default, as well. You'd have to keep paying as long as you want to keep living in the property, since you are paying for the space and the quiet enjoyment of the apartment.

If you want to get out of the lease, you can use the foreclosure situation as a good excuse, since no one wants to live in an apartment that they may be evicted from. You could try purchasing the property, if you want to stay there and build up your own equity.

Unfortunately, your money isn't going towards paying the mortgage for the property. It's just going towards renting the apartment, so you can't really control where your rent payment goes. But you are paying for the use of the property without any undue hassles, and the danger of the house being foreclosed and you being evicted gives you a good reason to find somewhere else to live.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/...

Im renting from a realty comp. who rents our apt. for someone. It is currently in foreclosure. do i have 2 pay

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