Real Estate Law
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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.
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.
(this is pursuant to the "Protecting Tenants in Foreclosure Act of 2009")
The heirs have given up and cant be found. The bank says they can't do anything w/o owner adding me to system.
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.
That's correct. The owner would have to sign off on it, as it is a personal debt in their name,.
I am sorry to hear that...
Now it is possible that the person that purchases at foreclosure will want to continue renting it to you on those same terms...
I have 90 days after foreclosure to vacate though? Lease went to month by month basis a while back
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).
It's 90 days after the new owner gives you notice.
ahhh! That's a little load off
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)
I have never purchased forclosed property but might be able to. Any site you can recommend for information?
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.
Most of the sites online with good information are probably pay sites...
Haha! Those still exist? ;) Thank you I think that answered my question.
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