Posted by Mark Smith on May 05, 1999 at 04:13:29:
In Reply to: landlord foreclosure posted by Bailey on May 05, 1999 at 01:08:37:
You don't say where you live, and state laws vary. In New York, you have to be named as a party in the judicial foreclosure proceeding if the landlord wants to terminate the lease early.
If you are paying a market rent, the bank or the new owner might be happy to have you stay. But if the house would get a better price if it is vacant or if the new owner wants to live in the house, you could be evicted. And I see no reason that you couldn't bid on the house at a foreclosure sale. Finally, it can be tricky about paying the rent. If you do pay it to the current owner, make certain that you pay by check or money order and get a receipt.
: we rent a house, and have a 1 year lease. we just found out that our landlord hasn't been paying the mortgage, and the house is going into foreclosure. we still have 8 months on our lease...what will this mean for us? do we still pay rent to our landlord? will we be evicted by the bank? Will we have the option to buy it?
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