Rental (Ks) is being foreclosed on. Timeline?

I am a tenant in Kansas. The owner of this home is filing for bankruptcy in Des Moines, Iowa (court date 4/21/08), and is letting this home go into foreclosure. It looks like she hasn't made a payment since Jan. or Feb. 2008, although I have sent her payments. The mortgage company is Wells Fargo. We are planning on finding another place but are trying to find out how much time we have left in this house. We have a lease ending May 1 and will then be month to month. The Landlord told us that her attorney filed a motion to remove the stay to allow the bank to proceed with the foreclosure process. Her attorney suggested we have a few months but we don't want to leave anything to chance although we'd like to stay as long as possible. Please advise us on the process and a possible timeline. Thank you.

If payments were made on the house until Jan. or Feb. of this year, you should have plenty of time to move. Foreclosures don't move that quickly. In some states, they can take up to a year to complete. The bank should give you notice when they do actually start to foreclose to tell you to get out of the house. I believe you will have time to complete the lease without problem. But start looking now for a place for next month. And be sure to give the required amount of notice to the current LL.

Hey!

Thanks for sharing this post guys!

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