We recently learned that the home we signed a 1 year lease on was foreclosed on. We have only been in this home for 5 months. We paid all our rent and on time. Bank of America was the mortgage holder and who now owns the home. Through their attorneys(they will not speak to us directly) they have told us they will have us forcibly removed in 90 days if we do not accept $1000 and get out in 30 days.
While we appreciate that it is not them who took our rent or put us in this position, this is simply not enough for a family of 5 to get into a new home with quickly.
Our rent here was 1195.00 per month and we put a deposit down in the same amount. We have found a home we could move to on August 1st that is 975.00 per month and requires an equal deposit. There is also time lost at work, moving van, and utility transfers to consider.
We read up on this "Cash for Keys" program online and saw that counteroffers were the norm, so we told the attorneys we offered to be out by August 1st in exchange for $2500 to cover deposit and first months rent plus van etc etc.
They did not return our call for 5 days and today they did with more threats of "forcibly removing us" if we did not accept the $1000.00
I researched and found the the Protecting Tenants at Foreclosure Act and see that since this is the bank who owns the home now and not someone who wants to use it for primary residence that according to Sec 702 sec a part 2, says that a tenant with a bona fide lease may occupy the premises for the remainder of the lease.
We asked them about this and they claimed ignorance of this law and again threatened the forcibly removed in 90 days.
So my q's are as follows and any advice and guidance is greatly appreciated;
We are not sure what to do at this point?
Are we correct in our interpretation of the law I mentioned above(sorry I tried to link to it, but being new the forum would not allow me to)?
Is this legal for them to threaten us like this?
Also, is it reasonable for us to counter offer in the amount we did?
I have researched all I can and am able to understand and I feel like they are either bullying us or we are greatly misunderstanding our rights and/or how the Cash for Keys program even works if our offer was not even considered or taken to BOA by their lawyers. We have no idea how to respond from here?
While we appreciate that it is not them who took our rent or put us in this position, this is simply not enough for a family of 5 to get into a new home with quickly.
Our rent here was 1195.00 per month and we put a deposit down in the same amount. We have found a home we could move to on August 1st that is 975.00 per month and requires an equal deposit. There is also time lost at work, moving van, and utility transfers to consider.
We read up on this "Cash for Keys" program online and saw that counteroffers were the norm, so we told the attorneys we offered to be out by August 1st in exchange for $2500 to cover deposit and first months rent plus van etc etc.
They did not return our call for 5 days and today they did with more threats of "forcibly removing us" if we did not accept the $1000.00
I researched and found the the Protecting Tenants at Foreclosure Act and see that since this is the bank who owns the home now and not someone who wants to use it for primary residence that according to Sec 702 sec a part 2, says that a tenant with a bona fide lease may occupy the premises for the remainder of the lease.
We asked them about this and they claimed ignorance of this law and again threatened the forcibly removed in 90 days.
So my q's are as follows and any advice and guidance is greatly appreciated;
We are not sure what to do at this point?
Are we correct in our interpretation of the law I mentioned above(sorry I tried to link to it, but being new the forum would not allow me to)?
Is this legal for them to threaten us like this?
Also, is it reasonable for us to counter offer in the amount we did?
I have researched all I can and am able to understand and I feel like they are either bullying us or we are greatly misunderstanding our rights and/or how the Cash for Keys program even works if our offer was not even considered or taken to BOA by their lawyers. We have no idea how to respond from here?