Bank Owned Home - Continue To Pay Rent?

[proedit]

I am located in the Southern California area, here is my question;

I entered into an agreement with an organization, (we'll call them Acme Housing), to occupy a single family home that was facing foreclosure. If Acme Housing's purchase offer to the lender was accepted, I would then be able to purchase the property from Acme Housing.

I have paid one months rent so far because I have occupied the premises for one month, (rent is due by the 7th of the month). The written agreement between Acme Housing and I involved the following:

1) $1,800.00 per month rent
2) First and last on move in, ($3,600.00)

Two weeks after my family and I moved in to the home we saw a, "Notice Of Trustee's Sale" taped to our front door.

I informed Acme Housing of the notice and was told, "not to worry, they would handle the situation."

The home went to trustee sale two days ago and I was in attendance at the auction. The property reverted to the beneficiary on the day of auction because there were no buyers present.

I of course am waiting to hear from the bank which now owns this property; I have started my search for another place to live.

My question is this, since the property has been reverted to the lender, am I obligated to pay rent to Acme Housing any longer?

Thank you all in advance for your responses.

Signed,
Wondering

Check the county auditor to find out when the title changes from Acme Housing to the Mortgage Bank. When the title clears and the new deed is registered with the county auditor, Acme no longer owns it and you would call the mortgae bank to see if they would allow you to continue to rent while it was awaiting sale or not. Until the title clears and the deed is prepared and registered, you still have to pay Acme.

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Interesting, so does Acme Housing have the right continue to show the property that has been reverted while awaiting the owner information change at the county office?

Thanks again...

I take it that Acme Housing was not the actual owner of the property, but was only the Property Management Company which handled the renting of the units/houses for the owner. If so, they may have no first-hand knowledge of the change in ownership. Until someone notifies them directly (either the former owner or the new owner, the bank) they have no verifiable way of knowing if they are to stop showings or not. All they know is they have a contract which says they are to show and rent the place. Until someone in authority tells them the contract has ended, they are only following through on the obligations they are contracted to do. Perhaps you should let the bank know that there is a property management company involved too, if this is the situation.

Your state may move much quicker than other states on recording the new ownership. So the change may already be recorded there. Call Tuesday morning and ask.

Hello,

I shall do so and will post here with an update on Tuesday.

Thank you.

[proedit]

Not sure what happened there but that was my response in the post above...
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Hello,

I shall do so and will post here with an update on Tuesday.

Thank you.