Posted in Blog  
  on Feb 22, 2014

Tenant Rights During Landlord Foreclosure

Banks Could Not Simply Evict Most Tenants

The very first thing to consider when you received a notice that the home will be in foreclosure is sending the copy of the lease agreement. You may also give the month to month rental agreement in a bank or the individual who forecloses the home. If there have been no written agreements with a landlord, you may send some things like rent receipts. These will prove that you have been a tenant. Keep some copies of your paperwork that was being sent to a foreclosing entity. It allows a foreclosing entity figure out that you got legal rights of staying at your home.

When you received a notice, it does not necessarily mean that you really have to move out right away. You have to be fully aware of your rights so that you will still have a chance to live in your home. Everything should be done in a legal process since there are several factors to be considered.

What Does a Foreclosure Mean to a Tenant?

As part of learning about the tenant rights during landlord foreclosure, you have to distinguish what a foreclosure means to you as a tenant. Most tenants have been forced of moving out of the home right after their landlord has been foreclosed upon and your home got new owners. If you have been into the month to month rental agreement, your new owner will be required of giving you a ninety-day notice for moving out.

However, if you have the lease, your owner needs to let you stay in that home right after the lease expired. When the lease expired before the ninety-day allotment had been reached, the home’s new owner should provide this ninety-day notice for you to move. Regardless of the expiration date of the lease, when a new home owner wish to move into that home as his or her primary residence, he or she can provide a 90-day notice for moving out.

The Prospect of a New Owner

A new owner may provide a notice right after they became the home’s owner. You have to try hard to move out according to the date of notice. When you failed to move out just before your notice expired, you have to inform the owner to figure out whether he or she will still provide additional time for moving out. If you are disabled, it will be more challenging for you do this thing. Then, you can request for reasonable accommodation to have an extended period of time to stay in that home.

When talking about foreclosure or landlord foreclosure, there have been various considerations to make. There are other different scenarios that may take place. And, depending on your case, you need to check carefully if you still have the right to stay or extend for a longer period of time in your home.

Your personal knowledge about the tenant rights during landlord foreclosure will help you a lot especially when you experienced such kind of problem. Make sure that you are going to consult the expert people before making a move.


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