can we be asked to move,?

Question

The owners of the apartments where I live has been served a summons for nonpayment of a loan on the buildings where I live. What if he loses? what will happen to us? Will we all have to move and should i still keep paying rent? He owes a lot of money. $400thousands and then some.

Answer 1

it depends on what state u live in. generally they will ask u to move so they can raise the rent..... but its not a immediate process. they have to give u a 'reasonable' time. that could be 30 days or 60 days depending on what state u live in.
or they could keep u there.

u can stretch the time buy stating hardship such as a disabled person, a young child, hmmm i cant think of anymore but there are a few.... they cant just kick u out, u are a paying customer. if they screw with u, u just don't pay rent and stay there for as long as the law allows.... course they will take your security deposit but u could probably get 2 or 3 months free.

Answer 2

Actually, in contrast to what everyone else seems to be saying, I don't think you really have much to worry about. If the building is sold or repossessed, the new owner (whether a private person/corporation or the bank) is in it to make money, and with an apartment building that won't happen without tenants. Anyone buying investment property like that would prefer that it already has people in it paying rent rather than having to start from scratch finding new tenants.

Keep paying your rent and don't worry about it unless you get written notice to vacate, which I doubt will happen. Besides, if you stop paying your rent the owners will go even more in debt and your credit score will go down, lose-lose situation.

Answer 3

He owes $400,000????

It depends on the new buyer (if there is one) or the bank who takes the property.

Whether you keep paying rent is up to you....you still live there.

Answer 4

Well i think if the bank takes possession of the building they will probably will. I am really sorry to hear that. I would start looking now.