Owner foreclosing on tenants without them being aware..

[Jesse Elledge]

Basically, the owner of the house I live in foreclosed. He did so without telling me or the other tenant of the house. He is now taking $4,700 to vacate the property. The government will pay the owner to leave on behalf of the bank.

I contacted the real estate agent and told her that me and the other tenant were not made aware of what was happening. And also we were given a two week notice to leave. What I'm inquiring about is: is there any way Fannie Mae will allow the other tenant and I to rent the house instead of vacating?

I personally believe that the bank will benefit from renting the house out while they put it up on the market. It's better for them to do that than to just let it sit empty while they try to sell it in this hopeless market.

The max market value that would be on the house after they fix it up will be no less than $100,000. With the way the market is going in Barstow, Ca. That house will sit on the market for years before someone decided to buy it. Will Fannie Mae be seeing the situation the same way that I am??

I don't see why not, but no one I've talked to so far seems to think so. Even the real estate agent hasn't seen it happen. But at this time in real estate, the bank should be happy that someone wants to pay to be there while they put it up on the market.

Someone please help me out because I really need some advice or just comments on the situation. It would be much appreciated. Thanks!!