Friday, February 18, 2011

Do I Still Need to Pay Rent if Condo is in Foreclosure?

questionkeyboard wide Do I Still Need to Pay Rent if Condo is in Foreclosure?

Q: If the condo I’m renting is in foreclosure (I’ve been notified by a RE agency), do I still need to pay rent to my landlord until the bank officially owns the condo? – Chicago
A: That is a choice you’ll have to make. I would consider the folowing though. Did you put a security deposit down? If so is the current owner giving it back? Did you pay a last months rent? If so is that coming back or going to the bank? Is the bank going to let you stay or are they going to evict you? You may have expences of your own that the current owner is not going to cover. If the bank does ask you to leave or try to evict you try to get cash for key’s (CFK). They will sometimes pay you to go peacefully if you don’t leave behind any trash or damage the property. The amount is negotiable.
Derek Sankey is a Realtor with Sankey Real Estate in N. Attleboro, MA.
A: No do not pay any more rent to your landlord. Talk with the real estate agent that left the note and she can talk with the bank that holds the note. More than likely, you will make payments to the bank.
Donna Bennett is a Realtor with Century 21 Gold Team Properties in Hartwell, GA.

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