My landlord didnt pay mortgage and house foreclosed- what can I expect?
April 9th, 2011 | 
Author: The home we rent was sold to the bank 3 days ago. Our landlord said he will return our August rent and security deposit.
Now we’re just waiting to hear from the bank.
We already know our RIGHTS, but I’m curious to know the experiences of anyone else who has been through this. Our attorney said we could be contacted any day, or it could be months. We were also told some lenders will pay the tenants to move.
Any personal experiences or insights would be great.
Posted in Landlord Tenant Law
Bank will probably want to sell house and new owner might want to live in it – once you get your money back- start looking for a new place asap
That’s great you are getting your money back!! Very suprising! The first thing to do would to find another place to go. If you had a $ issue, try to borrow it from anybody.
I wish you the best of luck!! I hope everything works out for you. If not, thank god for courts!
It greatly depends on what the bank wants to do and what your local laws are. What you can expect at worst is that you will be given 30 days notice to vacate. If you have a leasing agreement, they might buy you out of it or just keep you on if that’s the best economic strategy for them. I’ve lived in an apartment in a house that was sold and had no lease- I had 30 days notice to leave as the new owners chose to completely remodel but they gave me the option to stay on if I was willing to put up with the construction. If I were you, I’d call the bank directly and ask them what you can expect- it’s an important question!
You can expect to move. The bank doesn’t want to be a landlord, the don’t have the rental agreement and they want to sell it as fast as possible.
Don’t count on getting any money from the bank to move.
Unfortunately this is becoming very common. You are correct lenders do often offer a small amount of money to encourage you to move. Most importantly you need to know that they can not just throw you out. They will have to file to evict you just as though they were the landlord.
Although they will likely try to bully you into moving sooner you do have some time.
Your lease will be nullified by the foreclosure so your rights are very limited.
Find a new home quickly and plan to move.
Whatever they offer you will be minuscule, because they do have the upper hand.
Good luck