How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask ScottyMacESQ Your Own Question
ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 15941
Experience:  Licensed General Practice Attorney, Texas
19487448
Type Your Real Estate Law Question Here...
ScottyMacESQ is online now
A new question is answered every 9 seconds

My landlord passed away and now my condo is being foreclosed

This answer was rated:

My landlord passed away and now my condo is being foreclosed on. What are my rights and is there any way I can take over the loan?

ScottyMacESQ :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacESQ :

If the heirs of your landlord AND the bank are okay with you taking over the loan, you can do so, but you would need the consent of both of them.

ScottyMacESQ :

Rather, if the property goes to foreclosure, you can (a) bid on it at the foreclosure sale, if you have the money to pay outright, or (b) stay in the property at least 90 days following the sale. If the purchaser at the foreclosure sale is not going to move in (i.e. is an institution, such as a bank, or an investor) then you can stay in the property for the rest of your lease.

ScottyMacESQ :

(this is pursuant to the "Protecting Tenants in Foreclosure Act of 2009")

Customer:

The heirs have given up and cant be found. The bank says they can't do anything w/o owner adding me to system.

ScottyMacESQ :

That says that the new owner has to give you at least 90 days notice to vacate, but if the new owner is not going to live in the property, and your lease extends past that, you have the option of staying for the remainder of the lease.

ScottyMacESQ :

That's correct. The owner would have to sign off on it, as it is a personal debt in their name,.

ScottyMacESQ :

I am sorry to hear that...

ScottyMacESQ :

Now it is possible that the person that purchases at foreclosure will want to continue renting it to you on those same terms...

Customer:

I have 90 days after foreclosure to vacate though? Lease went to month by month basis a while back

ScottyMacESQ :

And like I said before, you can stay at least 90 days after the sale (it's actually 90 days from when they first give you notice).

ScottyMacESQ :

It's 90 days after the new owner gives you notice.

Customer:

ahhh! That's a little load off

ScottyMacESQ :

So if the new owner purchases, and 30 days after the sale gives you notice, it's 90 days from that point (120 days after sale)

ScottyMacESQ :
So it's at least 90 days.
Customer:

I have never purchased forclosed property but might be able to. Any site you can recommend for information?

ScottyMacESQ :

Not off the top of my head, but I would actually first recommend your library (I know, old school...). You can probably find a book on foreclosure investing.

ScottyMacESQ :

Most of the sites online with good information are probably pay sites...

Customer:

Haha! Those still exist? ;) Thank you I think that answered my question.

ScottyMacESQ :

My pleasure.If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX good luck to you!

Customer:

You were 5 stars and thx

ScottyMacESQ and 6 other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions