Ok. Person "A" is renting a house from person "B". Person "B" doesnt pay their mortgage and the house gets forclosed on. Person "A" has 3 years left on his lease (i know rediculously long lease). Does the bank kick that person out right after the forclosure? or does the bank simply collect the rent and kick them out when the lease is over?
2007-12-22 09:54:40 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Banks are not in the business of collecting rent. Once the foreclosure takes place, the lease becomes null and void. The bank may or may not give you 30 days notice to vacate.
2007-12-22 09:58:28 · answer #1 · answered by LILL 7 · 2⤊ 0⤋
Person "A" gets the proverbial boot as soon as the lender takes possession. In a foreclosure scenario, the bank does not assume (and is not required to assume) any leases contracted by the former owner.
2007-12-22 18:02:56 · answer #2 · answered by acermill 7 · 1⤊ 1⤋
Go to a office supply store they have booklets on tenant rights. It will give you some direction. Laws very from state to state. The bank has to evict you and I think legally give you 30 day's to move.
2007-12-22 18:01:57 · answer #3 · answered by Rev.Michelle 6 · 0⤊ 1⤋