Renting a home going in foreclosure
There has been letters coming to our home we are renting that say the home is in preforeclosure. I joined one of the foreclosure websites to check and sure enough, the ladlord has received a notice of default last month. I contacted the owner and only told him that there is loss mitigation letters being sent here and he said oh yeah, we are trying to get a new loan on that property. His other home come to find out, is also in foreclosure. We do not have a lease because we both agreed 2 years ago to do month to month. Can we legally not pay rent any longer so we can use this to move in the next month or two, or can the ladlord sue us? Looking at his situation it looks impossible to get into a new loan and save the home. We are very honest people with children and don’t want to end up out on the streets. Any body have any suggestions?