What rights do we have as tenants if the house we rent is being foreclosed on?
My fiance and I are living in a home that is being foreclosed on, our land lord owes over 9,000 in back mortgage payments and late fees. We have had nothing but problems since we moved into this house, and we want OUT as soon as possible. We are nervous to keep paying rent here, chances are the owner is pocketing that money. And we are nervous that we won’t be able to get our deposit back from them with out hiring an attorney. I know that due to a bill recently passed, we have the right to stay until our lease is out, even if someone else buys the property, but will we be able to move out before that? We have our first baby coming in about 2 months and we would like to figure this out as soon as possible. Thank you!
April 6th, 2010 at 2:12 pm
Talk with your land lord and see if he will agree to your moving out without penalty. Legally you owe rent to him until the day the bank takes possession.
I am sure the bank will want you out as soon as possible so they can dispose of the property and not have to perform maintenance while you live there.
April 6th, 2010 at 2:12 pm
Tenants in foreclosed properties are now protected under federal law from immediate eviction. The "successor in interest"/new owner must give tenants a minimum of 90 days notice to vacate. Tenants may be entitled to remain in the unit for the remainder of the lease term, unless the new owner intends to occupy the foreclosed property. Even if the new owner does intend to occupy, the 90 day notice requirement applies.
You must continue to pay rent or you can be evicted like any other non-paying tenant, and the 90 day notice requirement would not apply.