Has the home you are living in gone into foreclosure? Are you uncertain about what your rights are as a renter? Given the fact that this is your home, whether you are working to own it or not, you need to be aware of what your rights are, how long you are permitted to live in the home, and whether you are obligated to continue paying if the homeowner has defaulted on their mortgage. There are many instances where renters come into a living arrangement where they are led on to believe they are paying to cover the cost of the mortgage but really aren’t contributing at all.
This is only one foreclosure issue that often arises and can lead to you losing out on the time you are permitted to live in the home. Perhaps you have no other living arrangements and cannot afford to move. What are you to do? Well, our Utah foreclosure attorneys at USAttorneys.com can provide the answers to all your uncertainties.
What if I Signed a Lease to Rent a Home?
Something to keep in mind is that “a lease between the tenant and the original owner or landlord still applies during foreclosure proceedings.” Therefore, the property owner is still able to collect rent up until the time of the trustee sale.
Even if you are a renter, the foreclosure can influence you and it is important you understand what this could mean. A published resource guide for foreclosure recovery states that once the landlord’s property is actually foreclosed on, you might be obligated to pay the rent due to the new owner or you may actually be forced to find another place to live. Not only is this an inconvenience, but quite frankly it isn’t fair.
Perhaps you aren’t a renter but someone who is going through the foreclosure process in the state of Utah. If you wish to keep your home, there is only a limited timeframe where you can take the necessary actions to try and work out an agreement with your lender. Our skilled foreclosure lawyers in Utah can help get this accomplished.
What are Some Components Involved in Foreclosure Recovery?
If you cannot find a way to make payment arrangements with your lender and you are on the verge of losing your home to foreclosure, you are probably wondering what the next steps are once the process is finalized. There are some components that follow foreclosure and those are presented below.
Relocation– One of the most important things you are going to need to think about is where you are going to live once the lender or new owner takes over your home. When considering relocating, you have to take into account fees you might come across such as first and last month’s rent, security deposit, utility fees, etc. so you need to hang on to any money you have.
Accessing public benefits– The state of Utah offers different types of relief to those who are unemployed or are experiencing a decline in income. Our foreclosure lawyers in Utah understand how difficult it is to lose your home and can actually assist you throughout all stages of the process, including helping you get back on your feet.
If you are in the process of having your home foreclosed on and need some advice or are looking for a professional who can find a way for you to keep your home, give us a call today and an agent can begin helping you with this.