Tenant Foreclosure |
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| Saturday, January 22nd, 2011 7:24 pm | |||
| Posted By: PTMidland | |||
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We found a foreclosure notice on the front door of the house we are renting. We just entered the two-year lease on October 1, 2008. We suspect that the landlords were already in default when they entered the contract. The notice indicates that the property will be sold on January 6. What right do we have if any? we have copies of the leae, and receipts for our rental payments. If someone buys the property, do they have to honor our lease? Can we be evicted? Is there any minimum amount of time we would be given to move? Can we get our deposit back, if not from the landlords, from the entity that purchases the property? | |||
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Landlord December 17th, 2008 6:48 am |
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This is a big problem facing the rental industry right now. When landlords foreclose on their rentals it creates a BIG problem for their tenants. Normally, when a landlord sells a rental property the lease agreement HAS to be honored by the new purchasers. However, the exception to this rule is a foreclosure. Banks are not held to the same legal statute that a the rest of us are. The bank has right to evict you, and will. |
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anonymous December 23rd, 2008 8:04 am |
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I suggest filing a complaint with the RPA. The bank will probably not even respond to you. |
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alandloard August 6th, 2012 10:45 pm |
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In Ca. If the bank buys the property. They will offer money to the renter up to $5,000.00 to relocate |
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anonymous |
Landlord |