Upcoming Foreclosures

Understanding Foreclosure?

I've been renting a house from a couple, for almost a year now, and every month I pay my rent. When I rented, I asked to see proof that the house was not in foreclosure and I got that. But today I got a knock on my door, stating that since the month I moved in they have stopped paying mortgage. Can I sue for that, since I have been paying my rent and should at least me entitled to know about them not paying? Can I call the bank and do a takeover, since I do not want to move again? How do I go about dealing with this, can someone please help me?

Public Comments

1. once foreclosed see if the bank will sell it to you as a first right of refusal since you live there
2. Are you American by any chance? The first rule of suing is to sue someone that HAS MONEY! Presumably your landlord is going into foreclosure because they couldn't pay the mortgage, so you have to assume they don't have any money, or at least, not any money that a law suit would be able to access. If the property is being foreclosed, it will be sold to the highest bidder. I don't think you would be allowed to stay during the foreclosure period. You could try contacting the bank as they would rather have someone paying a mortgage that be selling a property in the current economic climate.
3. The fact the owner defaulted on his mortgage is between him and his mortgagee. It's none of your business and the mortgagee legally can't talk to you. Besides, what are you going to him for? The home apparenlty was not in foreclosure when you signed. realtor.sailor