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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 44437
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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my parents hold the mortgage on a condo that me and my ex wife.

Customer Question

my parents hold the mortgage on a condo that me and my ex wife. they want to foreclose on the mortgage since we haven't been making the payments since the divorce. they want me to move in there after the foreclosure. there is no rental agreement with the existing person in the condo. she pays no rent, but pays the taxes and condo fee. how long would it take to get existing tenant removed once they foreclose?
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Richard replied 8 months ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Tenancies are not automatically terminated by foreclosure. The "Protecting Tenants at Foreclosure Act of 2009" provides that bona fide leases survive a foreclosure -- meaning that unless the tenant is not willing to voluntarily leave earlier, the tenant can stay at least until the end of the lease entered into before the notice of foreclosure, and that month-to-month tenants (which is what this existing tenant is considered) are entitled to 90 days' notice before having to move out. 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. This situation...i.e., the 90 days in your case with the month to month tenant....is what has given birth to the concept of cash for keys...where you offer the tenant a cash award to leave early.



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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 44437
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 9 other Real Estate Law Specialists are ready to help you
Expert:  Richard replied 8 months ago.
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Expert:  Richard replied 8 months ago.
Thank you also for the very generous bonus! I truly appreciate your kindness!!

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