Profile picture for rayzerli

Renting house that is being foreclosed, what are my rights?

I just found out on the internet that the house I'm currently renting is being foreclosed and auctioned off in a month.  what are my legal rights?  how many days do i have once it's sold to move?  how come my landlord didn't inform me?  I have a contract with landlord for 2 years and only lived for 1, can I stop paying the landlord since he is not paying the mortgage. 
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September 16 2011 - Cincinnati
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Profile picture for rayzerli
I wasn't really gonna do that (though the thought did cross my mind) : )
thanks for all your posts!  love this site!
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September 26 2011
"hypothetically, can I sell her stove and fridge to get part of my security deposit back?" 

Are you kidding? I sure hope so - that is theft. Your landlady is still obligated to keep your deposit safe regardless of whether she is in default on the loan or not. If you move out before your lease is up, why do you expect to get your deposit back? You will be in violation of your lease. (unless the 30 day clause you refer to is valid before the two years is up) Your lease will likely still be in place if the house sells, so you are obligated to stay until either you get notice to move or likely forfeit your deposit. Your remedies if you do not get your deposit back - should you stay for the remainder of your lease contract - is to sue the landlady.

You really should contact a legal professional, have them review your lease and help you make the best move.
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September 26 2011
Profile picture for rayzerli
it's very hard to get in touch with her and she almost always never replies.....I'll try anyways, thank you.
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September 26 2011
Profile picture for sunnyview
No. you should not sell the stove and fridge. You are right, it is unlikely that she will return the deposit, but I would write her another letter offering to let her keep your deposit if she waives the rent in writing for the last month or ask her to put your deposit in an escrow account pending you moving out.

Also, make sure and take photos when you move out even if it is going into foreclosure to prove that you did not damage the property so that you have proof.
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September 26 2011
Profile picture for rayzerli
we decided we don't want to wait and are thinking of moving.  our lease has a 30 day notice of move clause.  we've notified the owner via email (she moved out of state) but didn't hear back from her.  we intend to also try to get back the 1 month security deposit (don't think we'll get it back since she didn't even pay her mortgage).  hypothetically, can I sell her stove and fridge to get part of my security deposit back?  
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September 26 2011
The following link seems to have a good analysis: Protecting Tenants In Foreclosure Act, 2009

If the new owner intends to occupy the property, it seems they can give 90 days notice to move.

You likely will have a legal claim against your original landlord, if you are forced to move before the end of your original lease, but obviously will not if you end up living there through the entire lease.
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September 17 2011
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Hi Robert, does that protect the tenant even IF the new owners want that to be their principal residence and move in?  Will that undo the current lease with the previous owner ? thanks
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September 17 2011
Joshua, did you sleep through real estate class? Leases survive when a property is sold, but absolutely do not survive in a foreclosure or trustee sale. the reason for this, is the mortgage or trust deed pre-date the lease, and hence the mortgage holder or trust lender is not a party to the lease.

What protects a renter today, is a new federal law passed only a couple of years ago, and that law states that the new owner must honor the remainder of the lease, up to a year, IF the lessor is current, and the lease is for a market rate.

If all leases survived foreclosures, i'd get people going into foreclosure to lease me their homes for the next 100 years at half the market rent...
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September 16 2011
Wetdawgs is right.  Just because your landlord reneged on his financial obligations to his lender, does not give you the right to renege on yours.  Once a rental property is conveyed or sold, all existing leases remain in effect until the end of their terms.  As long as you don't violate the terms of your lease, you are protected.

Joshua Stein, REALTOR®
Long & Foster Real Estate, Inc.
Blue Bell, PA
   
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September 16 2011
Profile picture for rayzerli
great site and thanks for all your help, much appreciated!
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September 16 2011
Many banks have policies for dealing with renters that this happens to. I often list foreclosures, and sometimes the banks will either allow the person to continue renting or will offer funds to help you relocate. At some point, a local real estate agent will come knock on the door or send you a letter. When that happens, sit down and talk with them immediately. They will be able to explain your situation to the bank and present you with options. Good luck to you.
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September 16 2011
Profile picture for wetdawgs
It would be an uncomfortable position to be in, my paws are crossed for you.
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September 16 2011
Profile picture for rayzerli
thanks Wetdawgs, I'll wait till when they do the auction to see what happens.  cross my fingers!  
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September 16 2011
Profile picture for wetdawgs
Federal law protects your rights to the end of the lease period.

If you stop paying your rent, you lose all rights and set yourself up for eviction.    Your contract is with the landlord, not the mortgage company.   You will be notified who to pay as the progress moves forward.

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September 16 2011
 
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Renting house that is being foreclosed, what are my rights?
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