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P. Simmons
P. Simmons, Attorney
Category: General
Satisfied Customers: 27149
Experience:  45 years old, retired Marine Officer, current attorney
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I am currently renting from a friend. She lost her job and

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I am currently renting from a friend. She lost her job and had to file bancruptcy, including the house. I have not heard from the bank yet, but expect to any time now as she hasn't paid the mortgage since September. Should I contact the bank and let them know that I would continue to rent the house from them if we can agree to a reasonable rent? I know that the mortgage was $1800/month. I was only paying $1000/mon and cannot pay much more. How should I approach this? Or is it best to just find a new place ASAP?
Submitted: 4 years ago.
Category: General
Expert:  P. Simmons replied 4 years ago.
Can you tell me, are you renting with a lease or are you on a month to month agreement?
Customer: replied 4 years ago.
No lease. We're good friends with the landlady. No lease, deposit, etc.
Expert:  P. Simmons replied 4 years ago.
Thanks

OK, with a lease you could have forced the issue and remained in the home past foreclosure, paying the lease money to your friend...provided the lease was for fair market value.

You can try and contact the bank and tell them you will rent, but it is not likely the bank will allow this...the bank does not want to be a landlord...it wants to get the capital it lent out back.

that said, it has only been a few months...so I suspect there will be several more PRIOR to the actual foreclosure.

Or you can consider a lease...if the lease meets the requirements here

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s896enr.txt.pdf


It can be enforced even after the foreclosure. I will post the pertinent language below...the two keys are


1. Lease has to begin PRIOR to notice of foreclosure

2. Lease has to be "arms lenght transaction"...so if "friend" you will need to pay full market value.


(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and
(2) the rights of any bona fide tenant, as of the date of such notice of foreclosure—
(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or
(B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1),
except that nothing under this section shall affect the require- ments for termination of any Federal- or State-subsidized ten- ancy or of any State or local law that provides longer time periods or other additional protections for tenants.
(b) BONA FIDE LEASE OR TENANCY.—For purposes of this sec- tion, a lease or tenancy shall be considered bona fide only if— (1) the mortgagor or the child, spouse, or parent of the
mortgagor under the contract is not the tenant; (2) the lease or tenancy was the result of an arms-length
transaction; and (3) the lease or tenancy requires the receipt of rent that
is not substantially less than fair market rent for the property or the unit’s rent is reduced or subsidized due to a Federal, State, or local subsidy.





P. Simmons, Attorney
Category: General
Satisfied Customers: 27149
Experience: 45 years old, retired Marine Officer, current attorney
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P. Simmons
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45 years old, retired Marine Officer, current attorney