I needed to know if my lease would remain in affect and if not do I have to move on the sale date.
2007-09-28 11:05:45 · 6 answers · asked by Jon K 2 in Business & Finance ➔ Renting & Real Estate
The lease will not remain in effect when the foreclosure sale occurs. However, you should still get a notice of when you are to vacate the premises after the foreclosure happens.
What state are you in? The amount of notice varies by state.
2007-09-28 12:20:50 · answer #1 · answered by Princess Leia 7 · 0⤊ 0⤋
You lease is not wiped out, it's a binding contract on both parties (landlord & tenant). You WILL have to move when the sherrif puts the 3 day notice on your door, but in your lease should have been a clause (which isn't going to do you much good since the owner will probably file bankruptcy anyway) that stated the owner agreed to pay the mortgage on time. You could (and I am not an attorney, so please consult an attorney in your area for legal advice) have a lawsuit against your landlord for letting the house go into foreclosure.
*this is my opinion, and experience with this type of situation. I am not an attorney and laws may vary in different states.
2007-09-28 11:38:25 · answer #2 · answered by Shawna Marie 3 · 0⤊ 1⤋
Sorry to hear about your situation.
It varies from state to state - but normally you will have 30-45 days after the foreclosure auction to leave. You will receive a formal notice.
However - don't worry to much yet, foreclosures are often cured or delayed without going through, so there should still be a decent chance this is only a false alarm.
Good luck
2007-09-28 11:33:30 · answer #3 · answered by rlloydevans 4 · 0⤊ 0⤋
Many people are unfortunately in the same situating,
When the first note forecloses on the title of the property, in general all liens, notes, leases that came after ie junior to the senior note are wipe out, exceptions of state/local taxes , utilities etc, so your lease will be wiped out
but if your house is sold at action you will be given a certain amount of time to move, if the new owners want you out
but it sounds like you should start looking for another place to live just in case
2007-09-28 11:13:39 · answer #4 · answered by goz1111 7 · 0⤊ 0⤋
All notices to vacate will be posted or given to you in writing in some form. This is happening alot lately. Obviously you would have the option to move if you want, but you might want to consider staying and holding your rent money for as long as you can. Or if you're in a position to, buy the place yourself from the lender. If I can help further just email me
2007-09-28 12:00:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You won't have to move till you get the 30 day notice. But it might be a good idea to start cleaning out the closets.
2007-09-28 11:50:34 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋