QUESTION
What rights do I have in a foreclosure and what should I do as a renter?
Asked on Dec 24th, 2012 on Landlord and Tenant Law - North Carolina
More details to this question:
I just rented a home from someone and the other day I received a letter in the mail stating the home is in foreclosed.
9 ANSWERS
What kind of deal did you have with the prior owner? Was it a lease? If it was, you have the right to stay in the residence until the lease ends. Else, you can try to work out a deal with the new owner to continue renting the premises. Else, the new owner has to go through normal channels to evict you which would take, at a minimum, in California 3-plus months.
Answered on Jan 08th, 2013 at 2:28 AM
Business Attorney serving Tustin, CA
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Heinly Benson Killian and Kramer
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You have not really provided enough information to be able to know your rights. When you say you "just" rented a home from someone, how long ago was it? What exactly did the letter you receive say? If the owner brings the payments current and your tenancy isn't affected, then you have no damages. However, if the house goes through the foreclosure process, then once the owner loses ownership, either the bank or new owner will have to give you notice before you're forced to move. In order to fully advise you, I'd have to see the timing of the lease and the letter you received.
Answered on Jan 04th, 2013 at 8:23 PM
Criminal Defense Attorney serving Alhambra, CA
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Francis John Cowhig
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Your question requires an attorney consultation. It is not a simple question that can be answered on this type of forum. There are many factors that would need to be considered and evaluated. I strongly suggest that you contact an experienced real estate attorney for a face-to-face consultation and give him/her all of the facts surrounding your situation. He/she would then be in a better position to analyze your case and advise you of your options.
Answered on Jan 04th, 2013 at 3:38 PM
Just because a foreclosure is threatened doesn't mean the house is necessarily gone. The landlord may or may not cure the default. Until the foreclosure sale takes place, you have to pay the rent to the landlord, or you might be evicted. That puts you in peril, because you risk the landlord leaving town with your security deposit. Your best bet is to pay careful attention to the foreclosure proceedings. Once the foreclosure auction takes place, the new owner has to give you 90 days to find a new place to live.
Answered on Jan 04th, 2013 at 2:50 PM
You should keep paying rent to the landlord unless (until) directed otherwise by court order. You retain all of the rights in your lease. If the landlord loses the property, the foreclosing entity will be expected to honor the lease until it expires. Good luck!
Answered on Jan 04th, 2013 at 6:53 AM
Child Custody Attorney serving Milwaukee, WI
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Zales Law Office
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The foreclosure process takes a while. From months to even years. If your lease period is less than a year you should be okay. You can stay until there is a judgment and sheriff's sale and that process takes at least six month, more likely a year.
Answered on Jan 04th, 2013 at 5:32 AM
Land Use & Zoning Attorney serving Boston, MA
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Greenbaum, Nagel, Fisher & Paliotti, LLP
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Under Massachusetts law a foreclosure does not affect a tenancy. You cannot be displaced as the result of a foreclosure.
Answered on Jan 04th, 2013 at 5:25 AM
Family Law Attorney serving Brunswick, GA
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Vincent D. Sowerby
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The answer depends mostly on your lease, whether it is written and for how long.
Answered on Jan 04th, 2013 at 5:22 AM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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If you want to stay and have signed a lease, you have the right to stay the duration of the lease, unless a private party bought the home as their own residence, in which they have to give you a 90 day notice to move. You should contact whomever sent you the notice and be prepared to send them a copy, not your only copy, of the lease and pay rent to them.
Answered on Jan 04th, 2013 at 5:17 AM