Re: Renter, Owner in default
Posted by NJD on November 21, 2008 at 07:31:41:
In Reply to: Re: Renter, Owner in default
Posted by steele in minnesota on November 21, 2008 at 06:08:59:
Unless the court appoints a rent receivor to collect rent from you and maintain the premises, your landlord would be entitled to rent for as long as he owns the property. Depending upon the laws and customs of your state, including any rights of redemption, that could be months or even a year or more. However, he might agree to allow you to stay "rent free" after your lease is up. It would be best to have a clear understanding with him and you should prepare for the eventuality of a move. Knowing the state you are in, and the status of the mortgage delinquency would help to predict how long before the landlord loses his interest in the property and the "bank" knocks on your door.
If you are interested in remaining in the property as either a Tenant or possibly as an owner of the property, you should make your intent know to both the landlord and his lender. It may be possible to
purchase the premises and "assume" the existing mortgage or have the existing mortgage modified to make it more affordable for your landlord.
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