Imagine paying your rent on time every month and learning that your landlord is not paying the mortgage. Many tenants find out too late that the home they are renting is in foreclosure. This has become a common problem, particularly in South Florida. If you find yourself in this situation, there are some immediate steps you can take to help protect yourself.
You received a letter from the lender’s attorney advising you about the pending foreclosure. You should call that attorney and ask the following questions:
- When and where will the foreclosure sale take place?
- Can you start making your rent payment directly to the lender, or place it in escrow?
- If the lender purchases the property at the foreclosure sale, will they allow you to reside at the property? If so, for how long?
If you are interested in purchasing the property, at a foreclosure sale it is possible to get a good deal if you are the top bidder. However, before moving forward you should discuss it with your own attorney. A title search will need to be performed before the sale. You will need to know what your rights and obligations will be before purchasing the property.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.