Stay Put Until It Happens
Chris in Gainesville has been receiving notices about foreclosure for the landlord. What does he do? Should he move?
QUESTION: Chris in Gainesville has been receiving notices about foreclosure for the landlord. What does he do? Should he move? Dave says he should stay put and keep paying rent but ask the mortgage company to let him know if a foreclosure is about to happen.
ANSWER: Keep paying rent. Contact Chase and ask them to keep you aware of what’s going on so that if it gets foreclosed on, you’ll know if you have to move. They’ll give you at least 30 days, and probably more in Florida, after they foreclose on him. You’ll most likely get some free rent because you’re won’t pay rent to the bank after a foreclosure.
There’s not a lot of risk here. He’s still providing the home. You’re not having problems with him. You just know he’s in trouble. When you’re behind on your payments, by definition, you’re in default. It takes a long time to foreclose on a house in Florida. Stay on top of the situation, pay your rent, and don’t worry about it. You’re right on track and in good shape. They’re going to give you at least 30 days, and you’re probably going to get to live there 30 days free if and when they actually foreclose.