My wife's property is in foreclosure and we just received the NOD last week.
She hadn't paid since March 2013. We are no longer living there and are renting it out to a friend. We would love to keep it rented out for as long as possible and enjoy the extra income. The research I've done is that the bank must honor the lease of tenants even after they take ownership. I understand she can collect rent up until the sale date and then the bank will receive the rent. Can anyone confirm that?
Also, what would be a good tactic to delay the foreclosure? She doesn't want to provide financials and we won't be throwing good money after bad. We haven't talked with the lender or services at all. The loan is one of the famous 80/20 all purchase money never refinanced (2 in house modifications) They are also different lenders.
any help or insist will be greatly appreciated.