the bank foreclosed on our apartment on the 21st of december-we just found out today-our lease does not end till april 2008-we found out our condos were foreclosed by the HOA-the lady was nice to inform us-the owner split- well i was wondering when will we be getting our eviction notice? and how long will we have till we have to evacuate the property-someone told me 3 days-whats the process-im worried considering we have children-this whole situation is a mess!!
2007-12-30 12:41:27 · 5 answers · asked by DEDRA 2 in Business & Finance ➔ Renting & Real Estate
You have until the building is sold to a new owner to leave, UNLESS he is willing to renegotiate the lease. The lease contract with the former owner is worthless since he is gone, unless there is a provision that protects you in the event of sale, foreclosure, or any other change of ownership.
Odds are that the new owner will likely look to do renovations, in which case you might get asked to move quickly (so be preparing now) BUT I wouldnt panic until the foreclosure happens, the building is sold and you've had a chance to meet with the new owner or his management company.
An informal tenants coalition might also be a good idea if appropriate to do some collective bargaining and negotiation, and to ensure a consistent story is being told to everyone.
But I agree, it is a mess.
Good Luck
2007-12-30 12:47:49 · answer #1 · answered by edco 5 · 1⤊ 0⤋
In most states, it is going to take AT LEAST 30 days to evict and that requires a court order that will take some time. If you have a lease until April, 2008, the odds are that the new owners of the apartment will honor it. They likely won't want to have an empty building, especially in today's market.
It would be smart for you to continue to pay rent. If the previous landlord is "gone," ....
1. Mail your rent check - as normal - only send it registered, return receipt requested. (Remember that your lease agreement is still with the landlord - NOT anyone else - until you receive formal notification from the court).
2. If your rent check is returned, take it to your local "clerk of the court" and explain the situation. You'll likely be instructed to deposit the rent into an escrow account to be held pending the outcome of the foreclosure.
3. DO NOT move out. Remember you still have a lease and, at least at this point, you have only one person's word that the building is being foreclosed. That's not enough to break your lease.
Hope this helps! Good luck!
2007-12-30 20:48:17 · answer #2 · answered by Joe 3 · 1⤊ 0⤋
First, stop paying rent! There is no more landlord so don't mail him any money.
Next, the bank who foreclosed has probably already assigned this property to a Realtor who will be selling it for them. They will contact you and offer you money to help you relocate (I'm surprised they haven't already. I usually do this a day or two after the bank repo's the house.)
Depending on what state you live in you probably do have at least 30 days but I wouldn't wait to be evicted. Start looking for a new place asap and be accommodating to the new owner. They'll be reasonable if you're easy to deal with. If they have to pay an attorney to evict you they won't be offering you any money to relocate, so be agreeable.
Good luck!
2007-12-31 00:59:56 · answer #3 · answered by operababe_61 3 · 0⤊ 0⤋
You need to talk to HOA, whoever that is, and get the information from them. They may not be evicting you at all - if the tenants or owners are making payments, it doesn't make sense to kick them out and stop that cash flow. However, the law doesn't always make sense, so you need to get the info from the source.
If you have a condo association, now is the time for the leaders of that group to get busy and get moving on this. If you don't have one, the owners or renters should choose someone to act for them to get info, and dig until you're satisfied you've got the right information. Then you can act as a group, and hopefully have more power to convince HOA to not evict everyone.
2007-12-30 20:47:13 · answer #4 · answered by Ralfcoder 7 · 0⤊ 0⤋
It depends on state law. I know in Florida the lease stays with the property. If ownership transfers to anyone including the bank the lease is still valid. Other states may cancel the lease if there is a change in ownership, but, there should be notice periods prior to asking you to leave. The fact is if the bank has the right to cancel your lease they probably did not send you notice on time because of the holidays. To be on the safe side make some phone calls and send some faxes requesting instructions on where to pay the rent. Late rent is the perfect excuse to evict you in spite of your rights to the contrary.
2007-12-30 21:17:39 · answer #5 · answered by Homeboy50 2 · 0⤊ 0⤋