Our landlord has notified us that the duplex that we are currently renting is being foreclosed. I was wondering if we will be evicted or what will happen? Should we get out now?? I was just wondering what we should do?
2006-07-04 07:13:22 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Start looking to move. Better to have a new place ready and avoid an ugly termination proceeding. I believe that around here (NJ) once a new owner has a commitment for financing, they can start eviction proceedings and the tennant typically has 60 days to hit the road.
Yes, there are tennant rights, but getting a lawyer is costly and the litigation is time consuming. I think it would be easier to just move. If your current landlord is giving you a warning, heed that warning and go!
Maybe you'll get lucky and be offered a new lease with the same terms you currently have.
Not sure that I would sit around and wait to see, though.
2006-07-10 06:38:20 · answer #1 · answered by mzfilly 2 · 0⤊ 0⤋
What state are you in..I might be able to help www.foreclosureavoidance.ws.If the Duplex is being foreclosed than that mean the mortage is not being paid.I hope you are not paying.Foreclosure usally takes 6 months from the time papers were served.Unless they do a strick forclosure which means there will be no sale date. You can research on line for more info..Good Luck
2006-07-05 15:23:31 · answer #2 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 0⤋
You will most likely still have you lease. I know if a home is sold while it has tenants in it, that their lease is still valid. I'm not exactly sure how it works with a bank taking it over, but I would imagine you still have your tenants rights.
Check your lease to see how much notice you must be given by your landlord if he wishes to cancel the lease. If it doesn't say, check your local laws.
Good luck!
2006-07-04 09:11:37 · answer #3 · answered by ? 5 · 0⤊ 0⤋
How awful! Renter's have rights. You might need a lawyer. I would also search on the internet for your state's laws regarding renter's rights.
2006-07-04 08:08:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should contact legal aid as soon as possible, you need very specific legal advice.
That being said, if you can afford to move, and there are rental's available, I would leave.
2006-07-04 07:37:27 · answer #5 · answered by laura_vermont 2 · 0⤊ 0⤋