Posted by on December 12, 2000 at 20:14:51:
In Reply to: My Landlord has defaulted on her mortgage!! posted by Tom H on December 12, 2000 at 12:36:28:
If your apartment is rent controlled or rent stabilized, you shouldn't have a problem.
However, if it's not, you could have a problem. Your tenancy is subject to the mortgage. The mortgagee (bank, etc.) could choose to terminate your tenancy. If you're paying market rent, that might not happen.
But the building might bring a higher price if it's empty, especially in the case of a one-family or two-family house. In that case, the bank could decide to terminate your tenancy to get a better price for a vacant building.
Dawn and Ken, in particular, gave you bad advice. The foreclosure of a mortgage is not the same as the sale of a building.
: My landlord was served papers yesterday, because she has defaulted on her mortgage. It states she hasn't made mortgage payments in SIX MONTHS! I have been religiously paying her rent on-time for the past six months. What should I do? Who should I pay rent to? Who will evict me? Do I still have to the end of my lease? Do I squat the place until the marshall shows up with an eviction notice? Please let me know my rights? I haven't let her know that I know about this yet, and I'm not sure she has been physically served the papers yet. Any help would be greatly appreciated.
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