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Daniel Solutions
Daniel Solutions, Divorce Lawyer
Category: Family Law
Satisfied Customers: 9934
Experience:  Practicing Attorney for over 15 years
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I am a renter. I have been paying my rent on time for over

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I am a renter. I have been paying my rent on time for over 6 months now. I have just found out that my landlord has NOT been paying his mortgage and is in default and the house is up for foreclosure in the 10th of June.

1) do I have any rights to be able to stay for any length of time.
2) I have bad credit - but I CAN pay his mortgage. Does the bank (B of A) allow me to step in and take over the loan?

You can stay until the house is actually forclosed and sold in which case you will receive notice that you can stay by permission of the new owner or you must leave. Legally you must continue to pay rent even when the house is in forclosure or the owner can evict you.

I doubt the bank will allow you to assume the mortgage with bad credit as you normally would need to qualify for a mortgage and with bad credit that can be very hard. If the bank allows you to continue to live in the property which is completely up to the bank then you would continue to be a tenant.

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Customer: replied 6 years ago.
What is the procedure and time table for them to force me out?
President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).

An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too.

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