I am renting a house that I found out is now in foreclosure, what are my options?
Question:
Answer:
Start looking. In most cases the new owner has the right to take posession within 30 days of sale; meaning you'll have to be out. You could get lucky and a bank looking to sell might take it and keep you in place a while longer; but at some point the property is probably going to force you out.
If you can swing it, contact the owner if you are intetested in buying it; might get a deal there; or not.
your house being in foreclosure is like your car being called totaled by an insurance company...
call tenants union and ask them, they can give you info on your legal rights.
Real estate laws vary by state so you need to see a lawyer.
Just move, who care at least it's not your property.
that depends if you signed a lease with the current owner. I am pretty sure that even though the house is being taken by the bank, you as the renter are still protected since the lease covers that. Otherwise if you didn't sign a lease, whoever takes the property over has the power to kick you out. Which, if they know its a rental property, would more than likely not do that. If they want it to live in, they will most likely give you time to move out though. I would assume they would anyways. It would be awfully rude to just barge in and boot you right out. Anyhow, like i said if you have a lease, you're covered.
buy it if you can. other wise start packing. there is the possibility that someone wil buy it as income property though, which means you may be able to lease from them.
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