The landlord will lose the house we are renting ?

Question

the landlord will lose the house on aug.28 it will be auctioned off my question is we have a month to month lease what happens to us when the new owner takes over or the bank takes over if it's not auctioned do they give us money to leave and /or how much time do they give us to vacate the property.

Answer 1

They will not give you any money to leave. If you haven't already been given notice then the new people that take over should give you written notice, I don't know if it has to be 30 days or not.

Since you already know I would be looking. That is one thing that sucks about renting, if the owner loses the house to foreclosure you end up having to leave. With the market like it is now, don't even consider a lease option when you move. Either straight out rent, or buy.

Answer 2

Once the property changes hands, you will be given notice to vacate according to the statutes of the state in which you live.  It will most probably be thirty days notice.

The lender MAY offer you 'cash for keys' but is under no obligation to do so.  Once the foreclosure occurs, the lender is now your landlord.  As long as the lender follows statutes, you will need to leave as notices dictate.