Renting a foreclosed home?

i have been paying the landlord x amount of money every month for almost 1 year now. 3 weeks ago i got a letter from wells Fargo bank saying that the house was foreclosure, i called and they said that they we just waiting for the courts last decisions. I got another letter by the mail 1 week ago saying that the landlord and the plaintiff (me) have to got to the hearing of court.i asked him and he said he was not going to go.

we all have money problems and i want to ask how much time could the judge give me to move out?

also what can i say that would help me buy time to move out ?

Update:

it say's

Wells Fargo mortgage F.S.B F/K/A

VS.

(Owners Name)

Insurance Company, UNKNOWN

Tenant #1 n/k/a (MY NAME)

does that mean i have to go to court ?

4 Answers

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  • 8 years ago
    Favorite Answer

    Unless you brought the lawsuit you are a defendant. A plaintiff if the party that institute a lawsuit in a court of law.

    I suppose the plaintiff (Wells Fargo) would want all concerned to include any tenants to be aware of and attend the foreclosure case in court. In actually unless you are listed on the mortgage loan docs, yo-u have nothing to do with this case.

    The judge would issue a decision based on the foreclosure laws of the state in which you reside. The judge would not entertain a motion or the issue of the length of time you would be allowed to stay there. The case before him at present is the foreclosure and if he should allow the lender to prevail.

    The lender's attorneys representing them, at the trial you are requested to attend, would not discuss the issue of you staying in the rental property.

    Once the foreclosure is complete and the title of the property change hands to the lender, you may speak to the lender or his representative about the amount of time you would be allowed to remain in the rental unit.

    A representative would contact you about the time in which you could vacate the rental unit. It would not be one day someone would knock on your door and tell you that you are required to move tomorrow. The time you would be required to move would be negotiated with the lenders agent.

    I hope this has been of some benefit to you, good luck.

    "FIGHT ON"

  • M W
    Lv 7
    8 years ago

    What you received is notice that a lawsuit has been filed. If you are required to appear in court you will receive a 'SUMMONS TO APPEAR". Wells Fargo is the Plaintiff, meaning they are brining the action. Owner is the Defendant, meaning he is the one being sued. Your name is listed because you are the tenant.

    In all probability you will be given at least 30 days to move. But, in the meantime, start looking for a new place to live because once the foreclosure finalized, you will have to move anyway.

    So, don't wait, start packing now.

  • 8 years ago

    You aren't the plaintiff. You don't own the property. When everything is done and your landlords bank or lender takes back the property they have to give you at least 30 days.

  • 8 years ago

    If you have a lease, it stands. If you do not, bank needs only give you 30 day notice, same as LL would.

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