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do i need to pay rent to my landlord if the property is going through foreclosure?

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March 13 2009 - US
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Answers (2)

You will need to check regarding the statutes in your own state. In Minnesota once a landlord receives notice of foreclosure, they are not allowed to sign a lease that exceeds two months past the sheriffs auction unless the landlord plans on paying off the delinquent mortgage. Furthermore the landlord cannot collect rent for any period of time after redemption (6 months after the sheriffs auction in Minnesota).

The only exception would be if the lender that had purchased the property at auction was willing to continue the leases under their ownership.

What some renters do (and I didn't say YOU should do it) is they stick around past the redemption date of the owner and the lender that seizes possession of the property will often pay them to leave. (But  not always, this strategy is a bit like playing the slots in Vegas, sometimes you win, sometimes you lose).

But until the redemption period runs out on the property, it's assumed that the current owner will pay up their mortgage so yes you do still have to pay rent. If utilities are disconnected, making the property uninhabitable, thats another statute

Google 'tenants union' in your area for advice that would pertain to your situation. But I've included the Minnesota statute for those in MN who might want to reference. I am NOT an attorney, this is NOT legal advice. If you need legal advice seek legal counsel. Do NOT rely on this posting as legal advice

.https://www.revisor.leg.state.mn.us/statutes/?id=504B.151&year=2008&keyword_type=all&keyword=foreclosure
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March 13 2009
Yes.  You've signed a contract, you're legally bound by it.  If you get kicked out, stop paying.
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March 13 2009
 
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