View Full Version : My apartment is forclusure but I have a tenant and his contract is due in six months
rod0922
Feb 11, 2010, 07:35 PM
My apartment is forclusure but I have a tenant and his contract is due in six months what do I do
cdad
Feb 11, 2010, 07:37 PM
Have you told them yet about the situation?
ScottGem
Feb 11, 2010, 07:37 PM
In terms of what?
Fr_Chuck
Feb 11, 2010, 07:59 PM
Ok, if I understand
1. you own an apartment building?
2. you are behind in payments and facing to have YOUR apartment building foreclosed.
The lease will be void once a foreclosure happens but they will be allowed time to move once it is foreclosed
rod0922
Feb 16, 2010, 02:17 PM
Yes
rod0922
Feb 16, 2010, 02:19 PM
yes,its forclusure
rod0922
Feb 16, 2010, 02:22 PM
Ok, if I understand
1. you own an apartment building ??
2. you are behind in payments and facing to have YOUR apartment building foreclosed.
The lease will be void once a foreclosure happens but they will be allowed time to move once it is foreclosed
What are the steps from the new owner to get everybody out of the apartment?
Fr_Chuck
Feb 16, 2010, 06:40 PM
New owner
1. if they buy it from you, before it is foreclosed, they are required to honor the leases in place
2. if it is foreclosed ( normally the bank ends up with it for a while) and they normally just let the renters rent at current rent.
3. if someone does buy it from the foreclosure, all current leases are voided, I think the federal law requires a 90 day notice on foreclosures ( or is that just for houses? ) but the new owner merely gives written notice that they are required to move within a number of days