The home I rent is being forclosed on. I'd like to buy it if possible but do not know the next step to make?

Have the owner(s) quit claim the property to you, if they are willing,(they might want something for their equity) then reinstate the loan by coming up with all back payments and late fees. Then notify mortgage company to start sending mortgage statement to you. You will need to get an authorization to release information signed by everybody who is on the note and or title.(This allows you to talk with the owners lender.) Some people will say that this will trigger due on sale clause, but 99.9 percent of the time, this is not true. Just because they say its not assumable, doesn't mean its true in the real world. The bank cares more to have a performing asset on their books, then to go through the expense of foreclosure. If this is not an option with the owners, since you have been renting house for two years, and if your bankruptcy is now discharged, there are many sub-prime lenders who specialize in this type of transaction. Another avenue to consider, if there is not a lot of equity in the house, is doing a short sale, the hurdle to get over in this situation, is that the owner would have to be in the position to not pay his bills, or at least look that way on paper. Another way is if there is more than one mortgage on the property, the 2nd mortgage holder is usually willing to discount the note substantially, if they think there not going to recover the loan amount.. As far as paying the rent, legally, the owner cannot evict you while he is in foreclosure. (laws vary from state to state.) And yes, you will get kicked out after the property goes to auction. Another possibilty if you have the money, would be to approach the lender and see if they would sell you the mortgage. Lenders can and will do this, if you have cash money(they won't do business this way if you say you have to borrow it, although this can be accomplished if done properly, i.e. borrowing the money from someone you know) and many are willing to discount too. If you need more answers, repost with more specific info.

You probably won't get anywhere talking to the Bank.

If the house is in the process of foreclosure, then the bank has not yet taken title to the property. Therefore, the Bank still has a loan with the owners of the home. Because of privacy laws, the Bank will be unable to discuss the borrower's loan situation directly with you.

Once the Bank completes the foreclosure process and takes title to the property, they can then advertise it for sale.

You should negotiate a sales price with the owners, and then obtain the financing yourself to purchase the house. It will probably be difficult to get financing due to your own bankruptcy, but it may also depend upon the cause of the bankruptcy (if you ran up a bunch of credit cards, that's not looked upon favorably by banks, but if your bankruptcy was due to something like excessive medical expenses, then you might get a break)

In addition, it will depend on how long ago your bankruptcy was filed. Bankruptcies can stay on a credit report for up to ten years.

You should continue to pay the rent. Wouldn't look good to the bank if you didn't. You have nothing whatsoever to lose by calling the bank--they'll likely give you info. They want to get the place off their hands and sell it as soon as they can. The bankruptcy issue may present an obstacle, but that can depend upon when it was, how you have handled your finances since and what you income is now. You could also contact a mortgage broker and talk over the situation with him/her. Good luck.

If the couple is in bankruptcy, you may want to contact the bankruptcy trustee assigned to dispose of the couple's assets. If the couple filed for bankruptcy, I believe that would put a stay on the foreclosure. The Trustee would then notice a trustee estate sale and that would be your chance to buy the house.

If someone else ends of buying the house, they can immediately serve a 30 day notice on you to evict you in California (that is if you're not in a rent control area). You should pay your rents to the legal owner or maybe the bankruptcy trustee if a trustee is involved. Good luck.

hey try to assume the loan but hurry.If it has not gone to far and the owners will let you the banks or loan Co's would rather do that. and you would get the same interest rate not the high one of today.I have done this .in Ohio and I'm sure where you live the banks can not turn you down.Ask the owners to help you have bought two homes this way both were in forclosher good luck home ownership is great

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you should talk to the owners and have them go to the bank with you that may help. most of the time that helps

yes check with the bank and the lender that is forclosing.

go to the bank