Tags: Foreclosure, rent, subject to
who do i pay rent to when the apartment is in foreclosure?
August 15th, 2008 by Jarad S.Question: who do i pay rent to when the apartment is in foreclosure?
Answer: -You’ll have to work that out with your landlord. I personally knowing if the property was in foreclosure would have a difficult time making payments to anyone because they are causing me an inconvenience by moving. If I was renting and knew the property was in foreclosure I would approach the landlord and ask him to sell it to me (that is if I knew I could rent it out or wanted to live there). Then I would ask to take it over “subject to” the existing loan. The loan would stay in his name but he would have to deed the property over to me, that way I control it. Then I’d have to cure the loan and I’d have to be creative in doing so. I’d either use a credit card, family member or lease it to someone else and require a large enough down payment to cure the loan and put $5,000 in my pocket. So now I own a piece of property, I have $5,000 in my pocket and I have no risk. Worse case I walk away with 5K and I have to move which I was going to have to move anyway.
