http://www.rentalprotectionagency.com/tenant-rights/tenant-foreclosure Sat, 16 Oct 2021 17:50:16 +0000 hourly 1 https://wordpress.org/?v=4.2.38 http://www.rentalprotectionagency.com/tenant-rights/tenant-foreclosure#comment-33409 Tue, 07 Aug 2012 03:45:31 +0000 http://www.rentalprotectionagency.com/blog/renter?p=173#comment-33409 In Ca. If the bank buys the property. They will offer money to the renter up to $5,000.00 to relocate

]]> http://www.rentalprotectionagency.com/tenant-rights/tenant-foreclosure#comment-521 Tue, 23 Dec 2008 13:04:53 +0000 http://www.rentalprotectionagency.com/blog/renter?p=173#comment-521 I suggest filing a complaint with the RPA. The bank will probably not even respond to you.

]]> http://www.rentalprotectionagency.com/tenant-rights/tenant-foreclosure#comment-508 Wed, 17 Dec 2008 11:48:31 +0000 http://www.rentalprotectionagency.com/blog/renter?p=173#comment-508 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.
What happens when a landlord forecloses?
1) Tenants are evicted by bank (Lease agreement not applicable in this situation)
2) Bank cleans and prepares property
3) Bank list property for sale (Usually at a major discount)
4) Property is sold to another buyer.
What happens to the Tenant?
1) You are evicted
2) Deposits are not always returned
I suggest seeking legal help. You can hire an attorney or you can file a complaint through the Rental Protection Agency. The RPA Mediation will cost you $35 to file a complaint, probably well worth it. Hopefully they can extend your stay or arrange to allow you to live rent free in order to cover the deposit cost. You are in a bad situation, as are many renters.

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