if the house you are renting is in foreclosure shoul you keep paying rent?

Answer 1

You had better, if you don't want to be evicted! Your lease will survive the foreclosure. Once it's done, you'll be notified as to who the new landlord or property manager is and will just start sending your payments to them. Once the lease is up, you may have to move but will get whatever notice is required in your lease at the very least.

If you're month-to-month by the time the foreclosure goes through you may have to move on 30 or so days notice. If this is your situation, you might want to start looking for new digs soon.

Answer 2

You used the observe "entitled" incorectly. yet confident every time everywhere you lease or stay someplace you're able to pay lease. you do no longer understand which you have the possibility to purchase it or no longer. whilst a house is going into foreclosures it is going back to the economic company so which you will could manage the economic company, pay the back taxes, have your downpayment waiting, etc. each so often human beings can stay in foreclosed homes as much as 5 years beforehand they could get out. And, perchance the owner is attempting to make fee on those taxes and subsequently you're there paying lease. Michigan might have different regulations than right here yet whilst somebody would not pay their taxes and falls into foreclosures then the domicile could be bought at auction on the courthouse steps. For which you'll want funds to purchase (and of course pay for the domicile and taxes). many times places that are in the back of additionally fall into disrepair so human beings like attorneys and docs and actual materials human beings could be paying for that domicile with funds and hiring a team to replace the situation to code and connect it up and then sell it for a miles better value.

Answer 3

Your obligation as a renter is still legally binding even though the property is still in foreclosure. Your lease will be transferred to the new owner in this case, the bank that is foreclosing on the property.

Answer 4

If you have a lease, you are legally obligated to continue paying rent. But start looking for a new place right away, you may be homeless any time.

Answer 5

I don't think so, you should be looking for a new place to live. You should have already paid your last month's rent when you moved in if the landlord wanted first and last months rent before you moved in so that should take care of one month's rent as you look for a new place.

Answer 6

Yes, your contract is still legally binding and you could be sued for the term of the lease.