Legal ramifications - renting a house in foreclosure in Georgia - need qualified legal advise!?
Question:
It is appearantly being forclosed by his bank as well as by the county for back taxes. I have spend the morning on the phone talking to his bank + the county officials to find out the legal ramifications - but all everybody tells me is to get an attorney and discuss this with him. I have just paid an electrician 10 days ago to do needed repairs, and send off the rent check again - never mind 2 mos deposit tied up.
How much time am I legally allowed to vacate once it sells? I need to buy when I move, funds are low due to a slow summer and a recent major car accident. What options do I have? Whom do I need to contact to recover deposit et
Answer:
You need a lawyer, not someone on Yahoo telling you what to do. It might cost a little bit of money, but if your livelihood is dependent upon it, it will be worth it. It could very well be that you have an action against the landlord and the attorneys fees will be recoverable, but you will not know that until you get an attorney.
If you need legal advice, call a lawyer.
You definately need to hire a laywer that specializes in this area because it not only affects you but your business and there also appears to be some possible fraud on the part of your landlord as well.
Typically once a house is in foreclosure, you need to vacate immediately despite your lease saying otherwise. The lease that you held is now void because the "owner" of the property is now the bank and they didn't give you the lease
Contact an Attorney.
have you thought about trying to purchase the home from the bank? this couls cut out alot of the moving, storage, costs etc.
You could probably get the house for under the value if the bank is trying to sell it...
if thats not the option you want to look at, then try to contact someone at the office of banks and real estate (OBRE) in GA, and they can give you free advice without having to pay for an attorney..
they would also know more about state laws, and guidelines etc.
try that route, and keep trying to get in contact with the bank or anyone else involves with the foreclosure process, they should be able ot get you the detailed information...
Well, first off.as everyone else said, talk to a lawyer.
Make sure you have a copy of the lease you are under. There should be a clause entitled "subordination" which deals with what happens when a foreclosure is issued against the property being leased. Generally, the lease is included in the foreclosure of assets. In other words, it is part of the property being surrendered.
In plain english, the bank will have a prevailing right to the property over you. This doesn't mean you even will definately have to move.
More likely, the party that buys it will also buy your lease contract. So you would just pay your rent to another person.
When this kind of thing happens, you generally will NOT be forced to move. Heck, you might even be bound by the contract you had with the other guy, depending upon the terms.
Now, in the unlikely event that you do not have a contract, your tenancy is being sold with the property. You will only be forced out if the new owner wants to get you out. If they are buying it to rent it out though, you will not likely be asked to leave.
Even after a foreclosure, the new owner (or bank) must still go through eviction proceedings. The bank might be more than happy to let you continue to stay. Just call and discuss it with them. They don't need or want an empty house to deal with. The bank might even allow you to purchase the property under more liberal terms than a conventional mortgage. Good luck.
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