I have a 1 yr. lease on a honestly new home with 2 other people on the lease with me. We are in the 8th month now and we all have plans to end it after the year is up.
Last week, and just today, we received in the mail a notice titled "Notice of HUD Rights" from a company called National Foreclosure Relief based in NV (addressed to the landlord/homeowner). At first, I thought this was some type of solicitation and threw the first one away. It states that the notice is not an attempt to collect a debt but that the time to enter into a repayment plot is running out.
On the back is states:
"As of Jan. 19, 2001, the US. Department of Urban Development mandated that all borrowers who had loans governed by their loss mitigation guidelines be informed as to their rights to repayment programs."…
The Homeowners have other properties they manage/lease aside from working in separate professions. I am nearly certain that if a foreclosure is of concern then they would know about it.
My question is that if there is a foreclosure, do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you
My question is do we have a right to know if there is a foreclosure, and do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you
Thanks for the prompt answer rlloydevans. You thoroughly answered my question when I thought no one would, especially this late. Thank you.
The notice you received is the first of several things that happen before a foreclosure or eviction might happen. Normally, they owners start getting these notices when they are 2-3 months late. It normally takes 8-12 months for a foreclosure to go completely through.
By the way, National Foreclosure Relief is not a government institution. It is a private firm that tries to get people who are behind on their loans to use their mitigation services. In fact, they are some of the worst predators in the pre-foreclosure field. A lot of times they send these letters to owners who are late on payments. But, they also do spam mailings to cities or neighborhoods just because there is a high rate of foreclusores or bankruptcies, so it is quite possible your owners are not having any problems.
Even if there is an eviction, most cases you will be allowed to stay through the end of your lease, and depending on the situation, possibly longer.
You would be given at least 30 days notice before you are required to leave. But, I believe that you will be safe to complete your current lease before you have any problems. I would, but, check with the management or the owners about these suspicious letters. If you don;t get satisfactory answers, start looking for another place for when your lease expires.