HELP!

I have a question for whom ever can help. I have rented the house in which I live for almost a year. Two months ago I find out the house is being auction off at sheriff court. Well the bank now has it back. I contacted them they said I could save the house, cuase I don't wish to leave I love it here, anyway if I had the owner/landlord whom I renetd from do a quick claim deed, what is that? and what does it consist of, and would that be in my best interest, I would love to own this home. :-? thanks for your help!

Comments(3)

  • JohnMichael28th October, 2004

    Question: If I had the owner/landlord whom I renetd from do a quick claim deed, what is that?

    Answer: The owner/landlord that you originally rented from no longer owns the property and he or she can not deed the property over to you.

    You only options are to attempt to work out a purchase from the new owner "Lender" or bring an action against the original owner/landlord.

    An action against the original owner/landlord is all dependant upon if you where on a lease or a month to month type rental agreement. You may be able to recover any deposits, the possibility of rental refund(s) and or damages.
    [addsig]

  • commercialking28th October, 2004

    Not quite so fast, John. It seems likely to me that the lender would know if the foreclosure was complete. If they are advising the poster that she can "save the house" by getting a quit claim then it seems likely that is the case.

    In Ohio the borrower (or this tenant, if they came to title via the quit claim) can redeem up until the sale is confirmed in the court. To have moved from notice to sheriffs sale to confirmation in 60 days would be very fast in a judicial sale state.

    I can understand how you reached the conclusion that the owner no longer has title (the poster says "the bank has it back"wink but that may not be true. The timing in this process is critical.

    So, Morgana, you need better quality advice than you can get here because good advice is going to require more information than we have. You need to find an attorney who does this kind of work and you need to find him FAST every day could matter. The attny could go to court and file a motion for a stay of the confirmation for 60 or 90 days while you work this out. Even if he doesn't get the stay you ought to get almost that long while they talk about it.

    You need to call the bank back and ask whether the loan can be re-instated (i.e. you can make up the back payments) or it must be redeemed (i.e. you have to pay it in full). You need to contact (or have your attny contact) the owner to talk about what his plans are.

    One last time. Time is not on your side here--you must act quickly if you want to buy the house.

  • JohnMichael28th October, 2004

    commercialking

    You imply an error in my post - No error - Answer was in accordance to the posters question and statement.

    I did not assume as in you statement - reply based upon factual statement.

    Poster stated "Well the bank now has it back."

    Only the lender now has the right to the subject property.

    commercialking You stated "Not quite so fast, John. It seems likely to me that the lender would know if the foreclosure was complete." Poster stated "Well the bank now has it back."

    commercialking You stated " If they are advising the poster that she can "save the house" by getting a quit claim then it seems likely that is the case. " When did they advise this?

    Commercialking the poster is a renter not the original home owner and since the renter is not the party on the subject note with subject lender the renter can not re-instated the loan since the renter did not acquire the mortgage.
    [addsig]

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