Landlord doing a loan mod--has sheriff sale date

[patstrat47]

Hi I am new here..I live in Philadelphia pa and am in a rented house.. and I have this problem.

just found out that the house is going into foreclosure in Nov 2009 ..Now I called the landlord and when i informed them of this tenant letter that was sent to my house she sounded frustrated.. now i cant get comfortable knowing this is going on

the owner told her that he was working on a loan mod with GMAC and has been doing so since Feb 2009 saying that one of the persons quit after a couple of months and they are getting another person to work on his case. Now coming from a house that we have lived in for 26 years to this is disheartening

I have just moved in the house July 1 2009 smelled gas from the stove had the gas company come out for that ( they got a new stove) there is no bannister on the steps going upstairs ... and now we find out about this foreclosure ... We are letting the landlord know that we will be putting the rent in escrow because we want to see his loan mod papers... this is the first time renting for us... are we doing the right thing?

Sent the landlord a email asking what was the decision was in letting us know about his loan mod..by the way I asked the landlord if their client (the owner)
had told them about this loan mod and she stated no... they dont seem to worried about it...but I am... the landlord stated that she forwarded my email to the owner and the owner contacted her today to let her know that he has to talk it over with his partner to see if its ok if we see the papers???? Dont we have the right to know whats going on??

Thanks

[Moe Bedard]

I am sorry to hear about your situation. I actually have been in a similar situation and have wrote about it extensively in the past.

This came out in June:

Protecting Tenants at Foreclosure Act – Fight back against predatory landlords! | LoanWorkout.org

The new federal law, Protecting Tenants at Foreclosure Act that came into affect in June says renters must now be given at least 90 days before they have to vacate and they might be able to stay longer.

Even if the new homeowner is a real estate investor, the terms of the lease will still be valid. The renter or lessee doesnt’t have to leave until the lease expires and the monthly rent payment has to remain the same. If there is no lease contract, the 90 day rule still applies.

The renter can’t be the person was just foreclosed on or someone in their family. The lease needs to be what they call and arms-length transaction, meaning it can’t be rented to family member or friend. In addition, the rent has to be “not substantially less” than fair market.

6/2/2009–Introduced.

Protecting Tenants at Foreclosure Act of 2009 – States that any immediate successor in interest to residential property in foreclosure assumes such interest subject to: (1) giving an existing tenant at least 90-day notice to vacate; and (2) specified rights of such tenant to occupy the premises until the end of the lease.

Predatory Renting | LoanWorkout.org

The perfect crime is being perpetuated across America and there seems to be no laws or any way to prevent it.

A new scam has been born with the advent of foreclosure boom. Predatory Renting

“This is an explosion,” said Judith Liben, a lawyer at the Massachusetts Law Reform Institute. “This isn’t business as usual. These are investors that overleveraged themselves, and the renters are collateral damage in the mortgage crisis.”


Predatory Landlords: The Latest Foreclosure Scam | LoanWorkout.org

November 10, 2008 -- First let me disclose that I am a “renter” and my investor/landlord/Realtor is being foreclosed on (5)

Here is something I found from HUD that may help.


Local Tenant Rights, Laws, and Protections: Pennsylvania - HUD

[KeepMe]

Just wanted to jump in on this because I read on fannie mae website the other day if you are renter and just learned that the home you live in is under foreclosure they can help you stay in the house by contacting them they can sign a month to month lease. Perhaps thats something you can inquire about. But Im not sure if all investors is offering this. But for sure fannie mae is offering help to renters. So the first thing to do is find out if fannie mae the investor of the house you are renting. Support for Renters - Staying in your rented home under foreclosure | Fannie Mae