It's a story we've heard a million times, but it still doesn't get any less infuriating. If fact, it happened to me. As a renter, you pay on time only to find out your landlord hasn't been keeping up with his/her payments. Here's how it went down for Mustang Bobby over at Bark Bark Woof Woof:
Then, last October, I got a knock on the door. It was a process server. D'Angelo had not paid a penny on the mortgage since the previous June, he was in default, and I, as the "unknown tenant," was listed on the foreclosure papers. I immediately contacted my lawyer, who wisely counseled me to stop paying the rent and put it in escrow pending the outcome, and he would work with the bank's attorneys to see if I could work out a deal to buy the house on a short sale.
Meanwhile, D'Angelo has vanished. All attempts by me, my lawyer, the bank's attorneys, and apparently several private investigators to locate him have come up empty. The last I heard -- in November -- was that he was either in Las Vegas or Spain. Frankly, I hope he's in Turkish prison and married to the guy with the most cigarettes.
You certainly weren't the first to have this happen to, and, unfortunately, I'm pretty sure you won't be the last.
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