What Happens To The Tenant In A Foreclosure?

They have to move. Once the foreclosure is finalized, any lease obligation ends. You may be given some time to move, but maybe not.

Are you under a lease now? Have you thought about making the owner an offer on the property?

Any rental or lease is voided at the foreclosure is voided.
The bank or finace company may allow you to stay or the people who buy it may rent it out under new terms and comditions. You will have to leave if they tell you to. I have bought some forclosures to become rentals so if they had someone living there, they could stay if they would agree to my required lease.

Quote:

---

Originally Posted by 120876

What Happens To The Tenant In A Foreclosure?

---

How long is the process,the mortgage company said he had one more payment to mis then they would begain the process we are going threw a property management company we offered to pay the mortgage until our scores improved still have not heard anything thank you guys so much for the advice will the bank offer us money to move and should I keep paying rent because I need the money too move I'm in a two year lease and its not even the end of the first year

Legally you have to keep paying the rent, it does not matter if landlord is not paying the mortgage. And I doubt they want you to pay the mortgage, if they wanted that, they would merely pay the mortgage when you paid the rent. They are having a lot of other money issues to be to this point.

And sorry still laughing, no the bank is not going to offer you any money to move they may give you as little as 10 days to be out depending on the state.

Why should the bank or even the new owners offer you money to move? Why would think they would have any obligation to do so. This is not about you in any way. Once the foreclosure is complete, you will have to leave. If you don't, they can evict you.

As to how long the process takes, that could depend on several factors. It could be several months.

As Chuck said, you are required to continue paying the rent or face eviction. Your best bet is to see if the bank will sell it to you.

So In Other Words They Are Not Going To Use Any Grease We Are In A Loose Loose Situation.what Would You Do No Money To Move

Yes, a tenant in a foreclosure property is indeed in a lose-lose situation. You can't stop paying rent, you can't break the lease, but you can be evicted on short notice.

So, you ask the landlord if he will let you out of the lease. You see if you can take over the mortgage. You start saving for moving costs.