if he has the tenates to sign a years lease,and he knows he is in a forecloser?
2006-09-06 09:34:08 · 11 answers · asked by carlabrkr 1 in Business & Finance ➔ Renting & Real Estate
In New Jersey the law does not change because ownership changes. Here's an exerpt from the Tenant's rights law reference:
Tenants in foreclosed property.
Your right to eviction for cause continues even when a bank or mortgage lender files an action to foreclose on your rented property because your landlord has not paid the mortgage. This means that the foreclosing bank or mortgage lender must follow the law and can only evict you for one of the causes under the law. Cite: Chase Manhattan Bank v. Josephson, 135 N.J. 209 (1994).
I would plan on finding another place to live at the end of your lease unless the bank agrees to another lease.
2006-09-06 13:30:34 · answer #1 · answered by cooperbry 2 · 0⤊ 0⤋
not that I know of...when a person gets foreclosed upon it means his other tenants didn't pay up and it probably came as a surprise to him.
As soon as you receive the notice, then don't be angry (smile nice, don't be mean or talk about your landlord in a mean way) and go to another place show them the notice you received. it's not your fault. If you smile they might be nice enough to accommodate you quicker than new applicants. Get your mover and move. If the landlord is hurting already what is it you want to accomplish? You can't get blood out of a turnip. You can though ask if he has a buyer who might honor the rental contract you have with him.
2006-09-06 09:40:40 · answer #2 · answered by sophieb 7 · 0⤊ 0⤋
I would get all the tenants together and check with an attorney or legal aide. It is possible he is going to try to sell or refinance before the foreclosure and this is why he is getting you to sign the leases, the property would be worth more cause he can prove a verified income for the next year.
2006-09-06 10:00:58 · answer #3 · answered by brendagho 4 · 0⤊ 0⤋
Many people are able to pull out of foreclosure. For now, it is still his property and you are bound to your lease terms. And a foreclosure certainly does not mean you will have to move.
He isn't commiting any sort of fraud, and your deposit monies are held in trust and have absolutely nothing to do with his mortgage or tax payments or lack thereof.
If the bank takes over, they will appoint a receiver for you to pay your rent to. Your tenancy remains the same.
I had a landlord go into foreclosure, and I remained in the property through the foreclosure and through two more owners.
2006-09-06 10:42:42 · answer #4 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
If he made you sign a one year lease, knowing full well that he is inforclosure, then he perpetrated fraud. See a lawyer.
2006-09-06 09:38:40 · answer #5 · answered by WC 7 · 0⤊ 0⤋
what do you want to do? If he loses the property, then you may be forced to leave, and you may lose your security deposit. You can't sue him, although you can list yourself as one of his "creditors" and stand in line with everyone else to try to get money.
whoever buys the place may allow you to stay under current terms and conditions - if you find it satisfactory, but don't think they'll give you the deposit back.
2006-09-06 09:37:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think the lease can be voided. You don't have to do anything to him. the contract is the same as not existent.
2006-09-06 09:37:33 · answer #7 · answered by spot 5 · 0⤊ 0⤋
You can't get milk from a ded cow
2006-09-06 10:33:38 · answer #8 · answered by FreeMedicalcamps.com 2 · 1⤊ 0⤋
well, you can move out...or you take legal actions for misrepresentation.
2006-09-06 09:40:30 · answer #9 · answered by pstod 5 · 1⤊ 0⤋
I dunno, I would think so, but you should post this in the laws section, you may get a better response
2006-09-06 09:37:06 · answer #10 · answered by MANDEE 3 · 0⤊ 0⤋