Posted by Ken on December 12, 2000 at 18:14:40:
In Reply to: My Landlord has defaulted on her mortgage!! posted by Tom H on December 12, 2000 at 12:36:28:
Change of ownership of a building does not change anything regarding the tenant's rights and responsibilities in living there. If you have a lease, that lease must be honored through the end of its term as you agreed. If you are month to month, your landlord must give you one month's notice to terminate your tenancy, new owner or not.
In your case you should just stay put and continue paying rent to the current landlord as usual. Being served notice of an impeding foreclosure does not mean the bank has actually taken over the property, and it is possible that your landlady will make arrangements to pay her debts. If the bank actually does foreclose and title is transferred, you would receive notice of that along with the name and address of the new owner who you'd be paying rent to and who would be responsible for upholding the owner's terms of your lease.
Hope this helps. Good luck.
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