Profile picture for coreyalderin

What do I do when I am renting a place that is going into foreclosure?

Currently I am renting a place that I really like but I have just been informed that the building is going into foreclosure.  Can you tell me what my rights are in this situation and what I should do?

1.) Will I be kicked out of my place? 
2.) If so, how much notice will I get and is there anything I can do to prevent from being kicked out?
3.) If not, should I stop paying the rent, since the person I am paying rent to no longer owns the building.
4.) Is there any other advice you can give me for this situation?

Thank you

  • May 10 2011 - Chicago
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Answers (9)

Profile picture for Nayna Bawa
You should contact an attorney and refer to the state law.  If you have renter's insurance, then that will cover the cost of your displacement.  I would be very cautious before you consider stopping your rental payments.  As a leaseholder, you are still responsible to make timely rental payments. 
  • September 15 2011
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Profile picture for sunnyview
Lovely links, but I think that the poster is in IL not OK. This site has the tenant code for Chicago here. Hope it helps.
  • September 15 2011
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I have attached the Oklahoma residential landlords tenant act.
Click on the following links to learn about laws.

http://www.tenant.net/Other_Areas/Oklahoma/tenant.html
 
Termination of tenancy
http://www.tenant.net/Other_Areas/Oklahoma/tenant.html#s110
 
http://www.ehow.com/about_6546193_eviction-enforcement-oklahoma.html
 
http://www.rentlaw.com/eviction/okeviction.htm
 
I hope this is helpful.
Your friend in real estate,
  • September 15 2011
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Profile picture for Karma60613
What building is going into foreclosure? I hope it's not 4180 N Marine Dr? Rany Management (the buildings property management) is in 2 lawsuits as defendants one with Coin-Mach for $28k 2011-M1-126576 and Dream Group Inc for $30k 2011-L-006371. They run 4180 N Marine Dr a.k.a "Polo Tower" where the building is 51% owned and like 49% rented and owned by members of Rany Management. Careful when looking at this building!
  • September 05 2011
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Let me re-emphasize one issue.  You do not have a right to stop paying the rent just because of this foreclosre issue.  You have to keep paying the rent - your lease/rent agreement is not associated with the owner paying the mortgage or not - don't get confused or be lead astray by "friends" opinions - you have an obligation through the lease/rent agreement (and it is enforceable in court)
  • May 10 2011
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Profile picture for Matt Laricy
This has been happening a lot lately. You could get moved out of your place, but the process takes a very long time. It could be a whole year till they take it over. As long as you continue to pay your rent on time, you will be able to live in there. Once it is taken back you will be served with legal notice, and you usally have at least 90 days to move out.
  • May 10 2011
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Profile picture for Mills Realty
Do not stop paying rent or you will lose all of your rights.  The foreclosure process is lengthy and if are in a one-year lease you probably will not have any issue other than notes being posted on your door.  As long as you keep your end of the commitment you'll be fine.
  • May 10 2011
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The foreclosure process can take a year or longer. You need to know what stage it is in. When the bank eventually takes it over they have the right to throw you out, but they need to go to court and send you written notice. Once you receive the written notice you will have either 4 months from the notice or the end of your lease, whichever is shorter....to get out.

The process from when the bank takes over to when they get their act together to decide what to do with you can also take 1-2 months and they might decide to let you stay, just pay the rent to them. They may give you a discount on the rent to keep you. Its hard to know for sure.

  • May 10 2011
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Profile picture for wetdawgs
1 & 2) Federal law protects you if you have a lease.   If the person buying the place is moving in as their residence, then 90 days.  Or, if it is an investor then you can stay to the end of your lease period.    Sometimes "cash for keys" is available, to pay for your moving expenses if it is appropriate to move earlier.

3)  Don't stop paying rent.  If you do, you lose all rights.  If you are notified officially to pay to a different party, then do so.   Keep meticulous records.

4)  See above.
  • May 10 2011
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