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Re: My Landlord has defaulted on her mortgage!!

Posted by Dawn on December 13, 2000 at 14:04:36:

In Reply to: Re: My Landlord has defaulted on her mortgage!! posted by   on December 12, 2000 at 20:14:51:

I read your post, anonymous. While the legal references you pointed out will stand as is, I do need to point out that I did not particularly give Tom bad advice, as you put it. I did, as a responsible poster here, asked questions -- and lots of them, I might add -- because the person who posted the original question left a LOT of information out. So I could merely answer as such. As you mentioned in the first line, as I did in my post, which also has yet to be determined, if the person in question has a rent stabilized or rent controlled apartment, there shouldn't be a problem. Otherwise: there will be.

: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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