what are my rights when I have been renting a house for 4 years and then find out its in a reverse mort and tl?

what are my rights when I have been renting a house for 4 years and then find out its in a reverse mort and tl? Topic: what are my rights when I have been renting a house for 4 years and then find out its in a reverse mort and tl?
April 22, 2019 / By Sissie
Question: we rented a house for four years and now we get served papers from the bank saying that foreclosing on a reverse mortgage what are my rights
Advertisement
Best Answer

Best Answers: what are my rights when I have been renting a house for 4 years and then find out its in a reverse mort and tl?

Phoenix Phoenix | 1 day ago
Something is not right here. A reverse mortgage is only available to seniors 62 and up, and a condition of the loan is that they must be living in the home. I don't see how you could have been renting it for 4 years which implies the senior is no longer living there; which implies someone was making money illegally by renting it to you for 4 years when they had no right to (and pocketing all the money). If the senior passed away or moved out and the senior (or the heirs) did not notify the lender, then there was major fraud going on. It seems very reasonable that the lender should be able to collect the monies they originally loaned the senior in good faith four years ago, with accrued interest. Having said that, there are still eviction procedures and timelines that have to be followed. There are also foreclosure procedures that have to be followed. I would like to think the lender (and their lawyers) would be on top of this, but it is to your best interest to do your own research as well. Hopefully you have a rental agreement in place. But if all those requirements are being followed by the lender, the bank has every right to foreclose on the home so that they can collect on the loan. I don't see the lender as the bad guy here. You may have recourse against the person who actually rented the property to you in small claims court. Find out who actually owns the home.
👍 270 | 👎 1
Did you like the answer? what are my rights when I have been renting a house for 4 years and then find out its in a reverse mort and tl? Share with your friends
Phoenix Originally Answered: So do landloards have to fix everything in a house there renting out?
I make sure all my doors are sealed in the first place, for many more reasons then air. Yes, I would have the AC looked at, but I am also aware that is can be working as designed and being still whine about them. Pipe in the kitchen would be an immediate fix, within a few minutes of hearing about it. If the tenant broke it I would deduct from deposit. I would make the tenant repair the window themselves. THey broke it, they are always amazed on how much they cost to fix, it is easier to have them pay it upfront then have them complain about we wanting to be refunded that to bring the deposit back up to full.

Maryanne Maryanne
What rights are you expecting? For the bank to be forced to allow you to live there after they have forclosed on it and sold it? If you are month to month then you have the right to move at the end of the month. If you have a lease then you have the right to move at the end of your lease. The house is a reverse mortgage foreclosure which means the owner rented to you illegally, you don't have any right to stay there. Not your fault and that is tough but it is reality. Now you can try to negotiate with the bank, banks would rather have the property be kept up and lived in rather then vacant. A vacant house is a target for copper theft and vandalism. Try striking up a deal with the bank to give yourself more time to move. Offer to pay the bank the rent instead of the owner of the house. At least it could buy you some time to find a place. Plus if the foreclosure proceeding just started it could take awhile. By the time the foreclosure paperwork is done and the house goes on the market it could almost be a year in a half before you would actually have to move. At this point the only bad thing the bank could say if you offer to pay them the rent instead is "No."
👍 120 | 👎 -7

Lally Lally
A reverse mortgage is available to homeowners aged 62 or older. It basically is arranging the sale of their house to someone (aka: a bank) while they are still alive. In return the bank gets the house at a prearranged amount and provides the seller with this money before the house actually changes hands. - the bank is not "foreclosing", they are just completely the deal that they are already prearranged. What it means to you, is the homeowner either passed away or went into a nursing home, so the sell is officially taking place. It's no different than if your landlord decided to sell their property as a regular sale after you have lived their 4 years. If you would like to purchase the house from the bank, you can talk to them about it. Otherwise, you will be required to move. Your month to month lease has been cancelled.
👍 120 | 👎 -15

Jenny Jenny
For a reverse mortgage to work, on requirement is that the owner is still living in the house. The landlord has been scamming on the bank for four years now. I don't know if this will be a factor in what your rights will be.
👍 120 | 👎 -23

Flicka Flicka
Hi Wendy, A reverse mortgage can be foreclosed on by the bank. It sounds like that's what's happening. This explains how reverse mortgages work and what happens if they go into foreclosure. http://www.nolo.com/legal-encyclopedia/f... Because this is a foreclosure, I believe you are covered by the 2009 federal law that protects tenants in foreclosures. You can stay in your house until your lease is up, as long as you keep paying rent to whoever the court tells you should (pay to whoever you pay now until you get notice otherwise). If the new buyer wants to move into your house they have to give you 90 days. Here's an explanation of the tenant in foreclosure protection act: http://www.nolo.com/legal-encyclopedia/r...
👍 120 | 👎 -31

Flicka Originally Answered: The house we are renting was just put up for sale how can we get out early?
First of all--it is not your job to up-date the bathroom----Unless everything is agreed to and putting these side deals in writing eliminates any misunderstandings Secondly-- the lease is automatically transferred to the new owner and survives...You would have to come to an agreement with the current owner as far as penalties if you wish to break the lease now.
Advertisement

If you have your own answer to the question what are my rights when I have been renting a house for 4 years and then find out its in a reverse mort and tl?, then you can write your own version, using the form below for an extended answer.