General

Ask Experts & Get Answers to Your Questions - ASAP

Ask an Expert,
Get an Answer ASAP!

General
This answer was rated:

I am currently renting from a friend. She lost her job and

I am currently renting from...
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?
Show More
Show Less
Ask Your Own General Question
Answered in 5 minutes by:
12/29/2009
P. Simmons
P. Simmons, Attorney
Category: General
Satisfied Customers: 35,220
Experience: 45 years old, retired Marine Officer, current attorney
Verified
Can you tell me, are you renting with a lease or are you on a month to month agreement?
Ask Your Own General Question
Customer reply replied 7 years ago
No lease. We're good friends with the landlady. No lease, deposit, etc.
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
P. Simmons, Attorney
Category: General
Satisfied Customers: 35,220
Experience: 45 years old, retired Marine Officer, current attorney
Verified
P. Simmons and 87 other General Specialists are ready to help you
Ask your own question now
Ask P. Simmons Your Own Question
P. Simmons
P. Simmons
P. Simmons, Attorney
Category: General
Satisfied Customers: 35,220
35,220 Satisfied Customers
Experience: 45 years old, retired Marine Officer, current attorney

P. Simmons is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

Meet the Experts:

Ellen

Ellen

Consultant

109 satisfied customers

attorney and legal researcher

P. Simmons

P. Simmons

Attorney

35,220 satisfied customers

45 years old, retired Marine Officer, current attorney

Kim D.

Kim D.

Consultant

34 satisfied customers

Researcher 25 yrs in small and large institutions

SuperiorConsultant

SuperiorConsultant

Internet Researcher

21 satisfied customers

BBA, serving as Marketing Executive and interested in tourism,sports, and anything and everything!

Cher

Cher

Educator-40+ yrs

1,666 satisfied customers

M.A., B.A., Author, Information & Research Specialist

Michael

Michael

Librarian

1,579 satisfied customers

20+ years as information professional

Martin

Martin

Engineer

874 satisfied customers

i'm 41 and i never stopped studying and experimenting

< Previous | Next >

Related General Questions
Whats are the best choices of male pants for winter,
Whats are the best choices of male pants for winter, regarding style, insulation(warmest) and price?… read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
Why is it that I am getting no response I typed my question
Why is it that I am getting no response I typed my question 7 hours ago and sent follow up emails yet to no avail need an answer are you able to help me out or not I have already typed in my credit ca… read more
Expert
Expert
We are looking for ways to organize the paperwork in our
Hi. We are looking for ways to organize the paperwork in our household. It seems the paperless office was a myth. :-) We are exploring the possibility of buying hanging files. This seems to me in an I… read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
I am trying to locate a man that has been in and out of jail
i am trying to locate a man that has been in and out of jail most of his life. He is 47 years old and the cso. court registry shows he was last in trouble with the law in may 2015. He is a lost love a… read more
matt50025002
matt50025002
Owner of a waste management company
Master\u0027s Degree
117 satisfied customers
My lane chest dates to 1949 but in a dilapidated state. Is
My lane chest dates to 1949 but in a dilapidated state. Is there any value in it. It's broken up and on the curb. … read more
Rarewares
Rarewares
545 satisfied customers
I saw some article and website said 95 % of textile can be
I saw some article and website said 95 % of textile can be recycled in New York. Is it true? because other articles and websites said approximately 65% of our clothes manufactured with synthetic texti… read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
I have a vacation rental business and I decided to gift my
Hi,I have a vacation rental business and I decided to gift my clients with a virtual gift card from visa, master or any other credit card provider. But I don't know where to buy them. Can someone help… read more
Chris L.
Chris L.
IT/Web Manager
Vocational, Technical or Trade Scho
29 satisfied customers
Can synthetic textiles such as spandex 100% recyclable? If
Can synthetic textiles such as spandex 100% recyclable? If yes, how does the U.S. especially New York recycle the synthetic textiles?… read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
I have been invited to the 34th wedding anniversary of a
I have been invited to the 34th wedding anniversary of a wealthy Iranian/American doctor with whom I became friendly while working as a hospital fundraiser. I've never been to their elegant home. She … read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
I want to know the pre-consumer textile waste rate (ex;
I want to know the pre-consumer textile waste rate (ex; fabric scarp waste from manufacturing) in New York and how do they recycle? Also, can synthetic textiles such as spandex be recycling? (except d… read more
matt50025002
matt50025002
Owner of a waste management company
Master\u0027s Degree
117 satisfied customers
I have created a word which is called “ Temody” which is the
Dear Expert, I have created a word which is called “ Temody” which is the name of an style of music. Now I would like to extract the other words from Temody such as verb , adjective etc Tomody Temodio… read more
matt50025002
matt50025002
Owner of a waste management company
Master\u0027s Degree
117 satisfied customers
I have a research question. We are planning on visiting
I have a research question.We are planning on visiting Australia soon and would like to drive from Sydney to Cairns, taking the inland route instead of the costal route.I would like someone to researc… read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
How much time per day, week, and/or month should an adult
How much time per day, week, and/or month should an adult spend on leisure time? Thank you.… read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
Help me torecord. I want to change the out going message.
what is the difrence I would like to speak I cant typy much please speak … read more
Greg A.
Greg A.
Bachelor\u0027s Degree
37 satisfied customers
Globe has stopped turning. That's it in a nutshell
Globe has stopped turning JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best. Customer: That's it in a nutshell JA: Is there anything else important… read more
matt50025002
matt50025002
Owner of a waste management company
Master\u0027s Degree
117 satisfied customers
Are there any successful strategies that restaurants can use
Are there any successful strategies that restaurants can use that will without fail keep flies out and away from the restaurant all the time? Please list as many as you can. Thank you.… read more
Michael
Michael
Librarian
Bachelor's Degree
1,579 satisfied customers
Could someone find on Amazon Nike soccer cleats for fake
Could someone find on Amazon Nike soccer cleats for fake grass fields that is size 44 (Europe)? It is important that it is for this type of field… read more
matt50025002
matt50025002
Owner of a waste management company
Master\u0027s Degree
117 satisfied customers
I am trying to list my books on eBay but am having trouble
I am trying to list my books on eBay but am having trouble pricing them. How can I find out how much each is approximately worth? I am escpecially interested in John Steinbeck, Collier publishing and … read more
danny541
danny541
Retired
608 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x