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I just fond out that the house that I rented is in floreclousure…

Customer Question
I just fond out that...
I just fond out that the house that I rented is in floreclousure and in short sale,
and that the owners have not been making the payment to the bank.
I have been living in this house for three years and have paid on time every month, never late.
What are my legal rights, in this case, du I keep making payments or do I stop and wait for the bank to tell me to move or can I make payments to the bank and stay in the house.

Jose Jimenez [email protected]
XXX-XXX-XXXX
Submitted: 6 years ago.Category: Landlord-Tenant
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Answered in 1 minute by:
2/20/2012
Lawyer: lawpro, Lawyer replied 6 years ago
lawpro
lawpro, Lawyer
Category: Landlord-Tenant
Satisfied Customers: 24,870
Experience: Over 20 years experience handling landlord tenant problems for commercial and residential.
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A "short sale" would not be a foreclosure.

Do you have a written lease?

If so, when does the lease term end?
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Customer reply replied 6 years ago
My lease ended 2/18/2009
Lawyer: lawpro, Lawyer replied 6 years ago
Then you are considered a month-to-month tenant UNLESS there is an automatic lease term renewal within the lease. Is there such - is there any language in the lease that states something like - that the lease automatically renews for another year if notice to vacate is not given by the tenant?
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Customer reply replied 6 years ago

No renewal on this lease, and remember the owners are not paying the mortgage to the bank, they are letting the house go.

Do I stay paying these people or do I wait for the bank to knok on the door.

Lawyer: lawpro, Lawyer replied 6 years ago
The legality is - that they are the legal owners of the property till dispossed of the ownership by a foreclosure or sale, etc.

As such, the legal owner are entitled to receive the rents to the property.

However, the legal reality is - that if the house is in foreclosure - that they are holding on to your security deposit and you won't see that once the property is foreclosed upon.

Before May 20, 2009, most renters lost their leases upon foreclosure. The rule in most states was that if the mortgage was recorded before the lease was signed, a foreclosure wiped out the lease (this rule is known as "first in time, first in right"). Because most leases last no longer than a year, it was all too common for the mortgage to predate the lease and destroy it upon foreclosure.

 

These rules changed dramatically on May 20, 2009, when 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.



So you are a month-to-month tenant and are entitled to 90 days notice to vacate if the property goes through foreclosure or even a short sale.

So, what I would do is - not pay the landlord any more rent but place it in a savings account to see what happens.

The landlord can evict you for non payment - but then you can pay the rent to remain.

However, if foreclosed upon - you would only need to pay the new owner AND the old landlord would owe you the security deposit. Most likely the current landlord won't pursue anything and a new owner would only want and be able to collect rent from the date they bought the property.


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