I came home today to see a foreclosure/public auction sign on my apartment....?

Question

My stupid landlord didn't pay the mortgage which I kind of assumed when the sheriff was here looking for him. So anyway the date of public auction is 10/27/07. I am going to start looking for an apartment tomorrow, but does anyone know how much time I will have to move and do I need to continue to pay rent?

I am 7 months pregnant and have an 8 year old son with special needs. Should I be looking for something right away or do I have until maybe November 1st?

Thanks!!

Answer 1

Yes, you have to be out by the 27th, and that date is NON-NEGOTIABLE. So don't let anyone tell you that you have extra time, can ask for extra time, etc...because you don't.

I normally don't tell people this, but I wouldn't pay the landlord for October rent...if he is having that kind of financial difficulties, you are probably NOT going to get your deposit back and he isn't going to have the money to sue you anyway.

You are also not required to give him a notice...the Shriff has already done that and it legally terminates your lease.

I wish you luck, but you need to work with great speed to get out.

PS: The above posters that have advised you to 'stay put' obviously haven't seen someone physically removed from a property at a foreclosure sale...it is a very ugly sight and they WILL charge you for removal of your belongings. This is the one time that the law DOES NOT provide the tenant any legal protection...b/c the bank has the right to get their property back and there is no guarantee that the next owner wants you there, they can raise the rent through the roof, anything they want to do. The Sheriff's department will be more than happy to confirm my advice.

Answer 2

You might want to find out which lender is foreclosing on the property and ask them what they plan to do. If I were doing the foreclosure I wouldn't want any of the tenants to move out unless I was going to rehab the entire building. If they all move I'll just have to find new tenants and I will lose money in the mean time.

Still, some lenders are not rational and may decide to boot everyone out. In most states I don't think they kick you out right on the day of the foreclosure auction. In California, once they've foreclosed, they have to actually go through the eviction process to get you out which can take another couple of months or more. But California is very tenant friendly.

I would check with the lender and find out what they are going to do. If they won't tell you then I would probably look for another place right away just in case.

Good Luck!

Answer 3

Huge difference in an MDU foreclosure versus a single family. I would stay put. This is an income generating property. More than likely there is already a buyer lined up and the foreclosure will be a formality. Even if it isn't the bank won't push to move it if it does not sell at auction in the same capacity they would a SFH. You might even save a month or two's rent. Wait until you here more. There will more than likely be a realtor or bank rep involved very soon.

Answer 4

You don't necessarily need to move. It simply means the complex is being sold to someone else. Those new owners may not want a bunch of vacancies when they buy it. Perhaps you should wait and see what happens first. The likelihood of them converting an apartment complex into something else is pretty slim. Conversion condos don't sell too well these days. Even if they do want you out eventually, it is at least 30 days after the new owners take possession of the place that you have to move. Good luck!!!

Answer 5

Hi,

You will have sufficient time to move out. If possible, find out who's going to be the new owner with whom you can try to renew the rent agreement. Checkout http://realestateguide.financialdealsonline.info for some valuable tips on the matter. Good luck.

Answer 6

I would be gone BEFORE Oct 27th ,
Unless you really like stress and very ugly scenes .

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