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4 answers

If the lender took it back, you can probably pay rent to the lender. Once the lender sells it it will depend on the buyer. If the buyer is buying it to live in you will get a 30 day notice.
If the buyer is buying as investment property, you may be in luck and be able to stay. You'll just have a new landlord that may or ma not ask for additional rent

2007-10-24 16:18:49 · answer #1 · answered by Classy Granny 7 · 0 0

That depends. How did they lose it? And what type of contract do you have?

If it was a mortgage foreclosure and you have a lease that predates the mortgage filing you can generally stay for the term of the lease. However the lender is likely to offer you a buyout of the lease to get you to move early. In most jurisdictions they can't force the issue, though.

If you don't have a lease, the new owner only needs to give you the statutory notice to quit, normally 30 days.

If it was taken for back taxes, your lease if you have one is effectively dead. You'll be given 30 days notice to quit by the new owner or will have to renegotiate a new lease with him.

2007-10-24 19:56:33 · answer #2 · answered by Bostonian In MO 7 · 0 0

If in NSW none, if it is a bank repossession - you can have as little as 7 days to get out (before they change the locks) and if they are selling and the new owner wants vacant possession the landlord is only required to give you 30 days notice (settlement is generally 42 days). Look at Dept. of Fair Trading if you need more info.

2007-10-24 19:51:20 · answer #3 · answered by hakea73 2 · 1 0

That depends on if you have a contractual lease, or are just renting month to month. If you have a lease, then you should consult your lease paperwork - there should be clause in their that dictates what happens in this case. Usually, they have to figure a way to house you for up to 30 days - beyond that, you're on your own.

If you're just renting month to month, then you're out of luck.

2007-10-24 19:49:37 · answer #4 · answered by dhays06 2 · 1 0

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