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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Landlord-Tenant
Satisfied Customers: 10640
Experience:  Commercial and residential leases in NY & NJ & US
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Live in Reno, Washoe County, NV. Home we rent has been in a

Customer Question

Live in Reno, Washoe County, NV. Home we rent has been in a Chapter 11 Bankruptcy Reorg since 2010. Landlord has 16 properties in this reorg. Only 2 of the properties (one ours) has been having monthly pictures done. Now, it has come to the end of the BK and a settlement has been (in theory) agreed upon and parties have until 12/31/16 to sign the final agreement of monies owed, etc. If, the landlord agrees to give the 2 properties back to Wells Fargo to satisfy some amounts in question, do we have a Cash for Keys option that we can negotiate with the Bank? We are senior citizens on a fixed budget and moving will cost a good $5,000. I have medical issues that costs a good some every month. Thank you for your assistance.
JA: What state are you in? And has anything been officially filed?
Customer: Nevada, not that I can find. Just that a BK11 reorg financial issues agreed to in theory and Judge ordered agreement signed by 12/31.
JA: What are the terms of the lease? Any issues related to maintenance or upkeep?
Customer: Landlord has Property Manager handle all 16 properties. Upkeep is minimal, but done when necessary by PM. The outside is in great shape, flooring and carpeting inside leaves something to be desired (that way when we moved in. But, home kept clean and tidy. Yard great.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No, that is it. Thank you.
Submitted: 10 months ago.
Category: Landlord-Tenant
Expert:  Richard - Bizlaw replied 10 months ago.

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

When does your lease end? Have you been told that the bank wants you out by anyone?

Customer: replied 10 months ago.
Did not sign lease this year so month to month assumedNo not yet
Expert:  Richard - Bizlaw replied 10 months ago.

If you are month to month, your lease could be terminated on 90 days notice if the property is transferred to the bank as it would probably be treated as a foreclosure. Cash for keys arises when the new owner wants you out and you have a lease for a fixed term that cannot be terminated early. Since you did not sign a lease you are not in that position so I doubt there would be any reason for the bank to want to pay you to move.

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