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Christopher B, Esq.
Christopher B, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 2983
Experience:  associate attorney
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We had a lease with an option to buy until 12/31/15.The

Customer Question

We had a lease with an option to buy until 12/31/15.The contract stipulated that lease payments of $2000.00 x 12 would be applied toward purchase price ,if option was exercised. Foreclosure notice placed upon house on Dec.3rd,2015.Owner left voicemail today(1/07/16) indicating that the auction of house that originally was scheduled for 12/15/15 has been postponed until Feb.29th of 2016!I do NOT believe taking him on his word to continue postponement is wise nor assuring to keep me safely housed.I have verified that the postponement is legit.Owner called the week prior to Dec. 3rd asking for electric bills/H2O bills to send to mortgage prove residency for postponement.My wife and I are NOT interested in the option to buy since the house needs many repairs & is overpriced.We will move but ,now is not convenient nor possible with injuries to family members.I have not sent a payment for month of January 2016.He stated he will keep postponing sale as long as we need to, as if he is controlling the foreclosure!!!!He states that he has been dealing with the details & lose ends of his wife's passing .I feel very vulnerable to say the least.Can you give me some direction or options ? Thank you
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Christopher B, Esq. replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

Before President Obama signed the "Protecting Tenants at Foreclosure Act of 2009," most renters lost their leases upon foreclosure. But this legislation provided that leases would survive a foreclosure. The tenant could stay at least until the end of the lease, and 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). When your lease expires on 12/31/15 you will become a month to month renter, so the new owner will only be able to evict you after 90 days notice, but you will need to continue paying your rent. You do have rights and that should give you more time. If you stop paying rent then you could be evicted with almost no notice, so I would say keep paying rent (when the bank or a new owner take the foreclosure you would pay rent to them). You have to give 30 days notice to move out ads a tenant in a month to month but this should give you the extra time you need.

Please let me know if you have any further questions and please positively rate my answer if satisfied.

Expert:  Christopher B, Esq. replied 1 year ago.

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