Zillow Advice: Renter Rights - Condo Foreclosure http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ Zillow Advice | Zillow Real Estate IF the bank offers you 'cash ... http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ IF the bank offers you 'cash for keys' they will want you out within approximately 3 weeks. But there is no guarantee they will offer you the money. And if you lack the lease, they may be inclined to just evict you. Sat, 16 Jun 2012 02:45:00 GMT http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ 2012-06-16T02:45:00Z I dont think this person ... http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ I dont think this person knows what they are talking about. The bank can make you move out, and I am not sure how the association can even rent the condo out to you at this point. Once the bank takes the property back and puts it on the market, they would probably give you 30 days notice. It seems like it could be very messy and I wouldnt take the chance. As to offering you compensation, I doubt it. Sat, 16 Jun 2012 01:55:00 GMT http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ 2012-06-16T01:55:00Z Thanks for the input Philip--&nbsp;That's ... http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ Thanks for the input Philip--&nbsp;<br/><br/>That's another question I have about the bank- I have been doing some research and have been reading different stories from people who went through the same thing. Does the bank always give tenants notice to move in advance? Do you know the time frame they usually give? In that instance I would feel a little more comfortable with 3 months as apposed to one month to find a new place.. &nbsp;I have also been reading about the bank offering compensation to tenants to move out faster. &nbsp;Is this true? Fri, 15 Jun 2012 20:42:00 GMT http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ 2012-06-15T20:42:00Z That member of the condo ... http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ That member of the condo board has no clue what they are talking about! I do foreclosures and work with the bank to get rid of tenants who are in the units once the bank takes over. It's too complicated to go into here, but either speak with a lawyer to get real legal advice for a fee or take your chances. I would find another rental because the short answer is that the bank can force you out within 3 months regardless of whether you have a lease or are month to month.The rental market is a bit tight in many areas, but if you would like some help let me know. There is no cost to you. Fri, 15 Jun 2012 20:34:00 GMT http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ 2012-06-15T20:34:00Z Thank you for the response! ... http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ Thank you for the response! <br/>Yes, I have just &nbsp;been reading about the Dodd-Frank Act- Protecting Tenants Against Foreclosure Act&nbsp;<br/><a href="http://nhlp.org/files/PTFA-as-amended.pdf" rel="nofollow">http://nhlp.org/files/PTFA-as-amended.pdf</a>&nbsp;<br/><br/>And there was actually an&nbsp;amendment&nbsp;made that says we still have rights to either stay in the unit or have 90 days minimum notice by the bank about moving- if the property is already in foreclosure (explained here:&nbsp;<a href="http://www.weltman.com/media/files/pdf/ServicingManagementMag101210.pdf" rel="nofollow">http://www.weltman.com/media/files/pdf/ServicingManagementMag101210.pdf</a>)&nbsp;<br/><br/><br/>I believe there was a mention of the lender giving permission to the Condo Association to rent out the unit in the lease- I do not have that on me right now though I would have to double check<br/><br/> Fri, 15 Jun 2012 19:26:00 GMT http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ 2012-06-15T19:26:00Z Sounds dicey.&nbsp;&nbsp; ... http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ Sounds dicey.&nbsp;&nbsp; I would leave this one behind and look elsewhere.&nbsp; <br/><br/>There are federal laws protecting people who are renting when a property goes into foreclosure, but at this point the property is already in foreclosure.&nbsp; Does the condo association have written authority from the lender to rent it out?&nbsp;&nbsp; <br/> Fri, 15 Jun 2012 18:20:00 GMT http://www.zillow.com/advice-thread/Condo-Foreclosure/447001/ 2012-06-15T18:20:00Z