Legal question

Discussion in 'The Thunderdome' started by emainvol, Dec 25, 2011.

  1. emainvol

    emainvol Administrator

    I hate to ask for free advice here, and it may be some kind of mistake, but we received a letter from Suntrust mortgage yesterday informing us that the property that we rent is going to be foreclosed on within 60-90 days. This is news to us, and we have regular contact with the owner, but he has neglected to mention anything about a potential problem. We are near the end of our lease, but if this isn't some kind of mistake, we will likely have to move within the next few weeks to avoid having to look for a new rental property after the next school semester begins for us. I don't have a copy of the lease handy at the moment, but am I right to assume we are well within our rights to break the lease (without penalty) with a foreclosure looming?
     
  2. The Dooz

    The Dooz Super Moderator

  3. The Dooz

    The Dooz Super Moderator

    need more details.

    in Tennessee right? is there a foreclosure date? when does your lease expire?

    i can tell you that Tennessee moves quick when it's time to foreclose. needless to say, you should be looking but you do have some time. i know we slow down around the holidays but we also pick it right back up after the 1st of the year.
     
  4. emainvol

    emainvol Administrator

    We are in Tennessee. Our lease date is the end of February, which is barely outside of the short end of the foreclosure window. There is no definite date, which leads me to believe that this is in the early stages. I am looking at this as a mix up until the property owner tells us otherwise. I should have more info within the next few days. I have already started the process of looking around. I have multiple options, personally, but I don't want to leave my housemates in the cold.
     
  5. NYYVol

    NYYVol Super Moderator

    MHF would be a wonderful counsel, emain.
     
  6. zehr27

    zehr27 8th's VIP

    You would not be breaking your lease your landlord would be. If the home is really being foreclosed on he is causing you to leave which would not be a violation of your lease by you. First thing I would do is contact your landlord and see whats going on. If its true then I would have him write you up something that disolves your lease and have him send it certified mail. I would not be shocked if this is just some sort of a mistake and all will be good. Hope everything works out OK.
     
  7. cotton

    cotton Stand-up Philosopher

    This certainly isn't my area of practice, and I don't know anything at all about Tennessee law, but why would foreclosure neccessarily cause the tenant to leave? The process doesn't burn the property down, and I would think the bank would rather have a tenant than an empty property, and so would the new owner whenever they flip it.

    I'm just not sure why there is the assumption that the lease will be broken and that emain will have to move.
     
  8. zehr27

    zehr27 8th's VIP

    You make a good point. I'm not sure how it would work with the bank once they would take over. I would think a new lease would have to be drawn up between emain and the bank. Sounds like it could be a tricky situation.
     
  9. The Dooz

    The Dooz Super Moderator

    we would rather have you out if it altogether, than sign a new lease. we aren't in the business of being landlords. this way, when we do find a buyer we can get it closed and out of our inventory ASAP. also, check out that link. you all would have 90 days after foreclosure to vacate the home provided you had a valid lease. that's a law and it's specifically for this situation. your roommates should be fine should you decide to do something else. you might even contact the buyer after the foreclosure and see if they'll throw you some cash to get out.

    i would doubt this is a mistake as dude probably got himself into some trouble elsewhere. not sure why he doesn't just file bankruptcy instead of letting this go to foreclosure, but i'm really just speculating. i'm not saying it can't be, just that in my experience it's almost always not a mistake. i don't claim to be a lawyer, but i see this stuff everyday.

    it probably doesn't make sense to pay this guy anymore either, but really, that's just my opinion.
     
  10. Tenacious D

    Tenacious D The law is of supreme importance, or no importance

    I would only hire MHF under two specific conditions:

    1. It was to represent Dooley
    2. It was a wrongful termination suit.

    Have him on speed-dial, just in case.
     
  11. The Dooz

    The Dooz Super Moderator

    let's get an update on this story...
     

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