Foreclosure Article
Renting a Foreclosure
1. Can I rent a property that is in foreclosure?
Yes, but the landlord must provide a written notice of the foreclosure with the rental agreement.
2. What happens if while I am renting a house the property goes into foreclosure?
If you are renting house and the property goes into foreclosure the landlord must notify you. In fact they must provide you with written notice within 5 business days of the first notice of trustee sale.
3. Is there a specific form that I need to use to notify a tenant?
Arizona Revised Statute 33-1331 provides a format for how a landlord should set up this information but it is not necessary to use this exact format. The format is as follows:
This property is undergoing foreclosure. For more information on this action, you should contact ________________ (name, address and phone number of the court where the action is filed or trustee, attorney or other responsible party).
A sale at auction may or may not occur as a result of this foreclosure. Currently, the sale of this property has been set for _________ (time, date and place) or no date for sale of this property has been established.
4. What happens if the owner fails to provide notice?
If a landlord fails to notify their tenant in writing within 5 business days the tenant may terminate the lease and recover their security deposit. It is also possible to obtain injunctive relief and money for any damages the tenant may have.
5. As a tenant can I just leave the property if I am not notified properly?
No, a tenant must deliver written notice stating how the landlord breached the agreement and that the rental agreement will end on a specific date. The end date must be at least 10 days after the letter is delivered.
6. Does this apply to apartment complexes?
No, these laws do not apply to apartment complexes or other multifamily residential complexes that have more than four units.
Updated: February 24, 2017
Comments:
QUESTIONS
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what is the time line for eviction. does it ever go thru a court before the sheriff comes knocking? I still have the title to the land, the warranty deed.
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I was in a chapter 13 with my only debt being my mortgage. I found out Monday my house has been sold at auction. I never received any type of notifications that my chapter 13 had been dismissed,or any notifications that I was in foreclosure, as a matter of fact I had sent the mortgage co $4,000 the previous month. I believe the sale of my house was illegal since I was never notified..Is this true, if I am never given the opportunity to save my house which are required by law and can I do anything about it now that it's been sold?
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I have a first and second mortgage on my home. The value has plummetted by 35% since I bought it 2 years ago. How can I submit for a loan modification program if I have 2 loans? My only other option is foreclosure. What happens if I have to default on the 2nd, but try to stay current on the 1st? I need help!
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Is it legal for my lender to switch lenders and foreclose my house and sell at auction with out giving me any notification or giving me the option to file bankruptcy
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My father took out a reverse mortgage. The house appraised @ $320k, they wrote him a line of credit for $425. Thankfully he didn't use all of this money. Is this considered preditory?
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How do I find out if there is a sale date for my home that is in foreclosure?
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Can HUD or FHA garnish my Social Security and Honeywell Pension for expenses if my Reverse Mortgage defaults?
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Can the lender force foreclosure on my home when my ex-spouse got a 2nd mortgage in his name showing him as the borrower while we were married on this home And now I own this property from the divorce?
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Can a second (junior) mortgage Deed of trust lienholder obtain a deficiency judgment against me. The Arizona single family home foreclosed Trustee sale on September 2nd, 2014. They are just now trying to get a hold of me. There is no way I can even afford to pay. Thank you
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I rent from a rental property management company, and today there was a "NOTICE OF TRUSTEE SALE" post on my door.The letter states that the house will be auctioned off in 2 months(11/13/2015), I'm unsure if I should stay or go before the auction, and if I go would I be at risk if I used the rent to move?
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