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My son and I have been hammered with the recession for our

Customer Question
rental properties and will have...
My son and I have been hammered with the recession for our rental properties and will have to go bankrupt and shut it all down. A question we have is, if a bank forclosues on a property (ie, sherrif's sale) do we loose possession of the property immediately or can we still collect rents during the 6 month redemption period?
Submitted: 7 years ago.Category: Business Law
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10/2/2010
Business Lawyer: Richard, Attorney replied 7 years ago
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,806
Experience: 32 years of experience practicing law and a businessman.
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Good morning. Leases are no longer terminated by foreclosure. The "Protecting Tenants at Foreclosure Act of 2009" provides that leases survive a foreclosure -- meaning the tenant can stay at least until the end of the lease, and that month-to-month tenants 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. Thus, just because your home is foreclosed, the tenant gets to stay. Unfortunately, however, the bank or the new owner is entitled to the rents until you reinstate, if you do.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,806
Experience: 32 years of experience practicing law and a businessman.
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Customer reply replied 7 years ago
I have a follow up question. So, if what you are saying is true, if i signed a new lease with a tenant, the new owner or lender would have to honor the full extent of that lease? Lets say I gave them a 2 year lease for $300/month. Would they be allowed to live in the house the full 2 years as long as they paid that amount on time?
Business Lawyer: Richard, Attorney replied 7 years ago

That is correct unless the new owner wants to occupy the property in which case the owner can terminate the lease with 90 days notice.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,806
Experience: 32 years of experience practicing law and a businessman.
Verified
Richard and 87 other Business Law Specialists are ready to help you
Ask your own question now
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Richard
Richard
Richard, Attorney
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