I am a tenant of 5 yrs. in a residence that I just discovered is in foreclosure. What can I do? what rights?
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Answer:
If you have a lease for a specific term (for instance, a year) that lease is still viable, and when the bank takes over the property, you will still have a right to stay until the end of the lease. If the bank breaks the lease, it will have to pay you damages, such as any increase in rent you incur at your new location during the term of the lease. Adam Fullman
You will prob have to move. You may have rights under your current lease but prepare to move. As a renter you are always at the mercy of the owner.
Well, you will probably have to move. When the property has actually been foreclosed, you will be given an eviction notice and after the time frame is up, if you have not vacated the property, the sheriff will be at your door to put you out, ready or not.
Do you have a deposit? If so use it up for future rent!
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