If my old neighbors have moved out of their home and are letting it go info foreclosure, can I sign a lease with them?

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If my old neighbors have moved out of their home and are letting it go info foreclosure, can I sign a lease with them?

My neighbors have left their home and moved out of state and are letting thier house go into foreclosure. There has been paperwork attached to their door from the bank which they removed before they left. Can I work out a deal with them where I sign a lease with them and stay until the bank takes action? I wouldn’t be breaking and entering because they could give me their keys and I would be taking care of their property. The bank has not yet taken possession of the home. I have heard many people talking about squatting in foreclosed homes. Can this be done?

Asked on October 23, 2011 under Real Estate Law, Michigan

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your old neighbors are letting their home go in a foreclosure but they are still on legal title to it, they as the owners of the property can legally enter into a written agreement with you for it. If that is your intent, I suggest that you get a written lease agreement signed and dated by your old neighbors setting forth the terms and conditions of the lease that you desire.

Given the foreclosure situation, be prepared to pay your agreed upon monthly rental to the lender on the property in the event that the lender asks for it. Technically the owners of the property that you desire to rent the property from are required to use all rental monies paid by you for the rental to be used to pay the mortgage.

Good luck.

 


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