What happens if the condo I rent is foreclosed on?

Question

I currently rent a condo from a rental agency. One of the owners of the rental agency is the owner. It looks like the condo is currently in pre-foreclosure and quickly heading toward full foreclosure.

I have heard many different opinions of what can happen to me ranging from I'll be given 30 days to move to I will be okay because the bank will not want the unit empty.

Any help is GREATLY appreciated!

Answer 1

You will have plenty of time to move.

However, the bank will not want you in there, they DO want the property vacant.     I have never heard of an REO having someone living in it.

Answer 2

As a practical matter, you'll have to move. Foreclosures ARE different from regular property purchases. In regular property purchases, the existing lease remains in effect. Not so with foreclosures.

Answer 3

Most lenders are not in the landlord.tenant business as such not set up to handle a tenant in general so i would not put all my eggs in the basket that the lender will want to retain you in the unit

Answer 4

yes the lender will give you time to move

Answer 5

When a property changes hands via foreclosure, it is not much different than changing hands via a normal sale. Either way, your lease remains valid.

Therefore, regardless of who owns the condo, if you have a valid lease agreement, you can not be forced to move on short notice.