Currently leasing/renting a home, owner let it go into foreclosure, what are my rights?
Question:
Answer:
In New York State, you will be given a notice within 30 days, asking you to vacate the apartment withing 30 days. This means that you have two months to stay there and look for an other apartment.
I think you'll hear plenty of bad news from this point an on.. so I feel I should at least share some good news with you.
YES! There's good news. You can sue! Isn't that always a plus? You can sue your landlord for the damages they have caused you as a result of letting the property go into foreclosure without giving you adequate notice.
What are your damages?
- Moving Expenses
- Non-refundable Pre-paid utilities
- And additional amount you will need to pay in rent for a new apartment; for up until you lease agreement was set to expire.
Example: if you lease was set to expire in one year from now, then your landlord will have to pay any additional rent (the difference in rent you will pay for your new apartment, and what you were paying to him or her for your old apartment), for 12 more months. You may ask the court for the entire amount up front.
Aside from that, let's be realistic, there is no other real harm done or damages you have to incurr. Maybe you liked the place better, or it was closer to work. Well, the court will assume that the new place you found is also to your liking. The only damages you have are the ones listed above; mainly the cost of moving and any difference in rent for as long as your lease would have been in effect.
I hope this was helpful. Best of Luck.
In Texas, the purchaser has to give you a 30 day written notice to vacate. It probably varies from state to state, but I would think 30 days would be average.
Once foreclosure happens, any lease is terminated, and you also have grounds to sue your landlord for fraud.
At some point you will be contacted with a move out date. The most often given time is 30 days but that is not a guarantee.
Also, the landlord MAY still be able to refinance his loan and save the house from Auction. He has until the auction date to do this.
Depends upon your State. In CALIFORNIA, if you have a WRITTEN LEASE, the bank will honor it, and you'll make your payments to the bank (once the bank takes the home).
Jump in your yellow pages, and call a Real Estate Attorney... or call your State Department of Real Estate. If your credit/income are ok... ask the landlords lender if you can buy the home (if you want it). If not, start packing.
In California, they (the new owner, whether it's the BANK or a private party) will serve you with a 30 Day Notice soon after the auction. Again - EVERY STATE IS DIFFERENT.
Not long. On May 9 it will belong to someone else who may or may not honor your lease agreement. Start looking for a new place to live now.
In Texas, I know for a fact, you have 30 days to vacant..This same thing happened to me, I had tenants and my attorney advised me I had to give them 30 days to vacate, even though I had no lease with them.I would wait to see if it goes to auction and if the bank gets it back, they may allow you to stay..
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