Foreclosure after house is rented(to losers)?

Deal Score0

Kind of in a bind at this point, I moved out of a house I had bought several years ago down in south Florida after losing my job. After almost 5-6 months of trying to find something local and no luck in staying in the area I had to move several hours away. I managed to get it rented at the time for a year to someone who said they were looking to buy it. Long story short he didn’t, the property has lost a fortune in value during that time(now valued at 50K below what I paid and several thousand below what it was built for) and has been unoccupied since September. I finally got it rented through a broker to someone I had never met with out the greatest of credit but needed to have someone in there to at least start getting the mortgage back up to speed.

Anyways a processor served papers to her a month later, the payments I had sent to the bank came back as they don’t cover the entire balance…the tenant was calling before this non-stop constantly to fix this and that(I live 4 hours away) and can’t afford to keep this up as I’m pretty sure half of what’s breaking is because the place is already being destroyed. The house has several structural issues dating back to when it was built on top of that and in the long run I don’t think it’ll ever sell.

Point being…what happens to the tenant should it go into foreclosure. I haven’t gotten this, her second months rent yet, and it was 2 weeks late before she was even served., I can’t afford a lawyer at this point to kick her out and deal with the foreclosure on top of it and is it worth doing the loan modification when you know in the end as much as you want to do the right thing it’s going to push you to bankruptcy at the end. Don’t have cable, don’t have a home phone, no fancy cars…nothing to sell or cut back on anymore.


  1. Reply
    May 16, 2011 at 5:20 am

    you shouldnt have to pay for a second month

  2. Reply
    May 16, 2011 at 6:20 am

    Tenants lose the right to lease when the agreement with the owner is vacated on foreclosure.

    Most states they get a 30 day notice to vacate before the new owner can take posession; unless the new owner chooses to offer a new agreement.

  3. Reply
    May 16, 2011 at 7:16 am

    I’m a Florida property manager. When a property goes into foreclosure and the mortgagee (lender) takes possession they have to honor the lease agreement between you and the tenant. Now, regarding the problems with your tenant. You can file for eviction yourself. The forms are usually available at Clerk of the Courts office. If the Clerks office has a website these forms may be available on line. Prior to filing you must have served them a “3 day notice.” The jist of the letter says they owe you rent in the amount of $ X and they have 3 days (excluding Sat, Sun and holidays) to pay or give you possession. This must be sent via certified mail or posted on their door. If they don’t pay or vacate, file the eviction. Once the eviction is filed it will take about 10 days to 2 weeks to get them out. I’ve left out some deatils but those will be explained in the eviction forms.


  4. Reply
    May 16, 2011 at 7:54 am

    When the mortgage company forecloses, the sheriff will kick them out.

    This is what was happening in chicago. The owners rented out the house and collected the payments but did not apply it to the mortgage. Then the tenants were all suprised when they were kicked out as they were making their payments…wasn’t really fair. So the sheriff decided to stop foreclosures on tenant property. But eventually resumed.

    Anyway, send a certified letter to the tenant telling her to vacate the property due to no rent. Also inform her that it is in foreclosure. I would not file any eviction papers because it’s just going to cost money. And why pay to evict her if you are just going to let the house go into foreclosure?

    You will have to file for bankruptcy eventually because they will come after you for the difference when they sell the house for less then whats owed. In fact, you should just file for bankruptcy and include the house in the discharge. Why go through foreclosure and bankruptcy?

    Leave a reply

    Register New Account
    Reset Password