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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