We leased a home 3 months ago & signed a two year lease, we were just informed that the owner is going into foreclosure. The owner suggested we move in 30 to 45 days. We spent a lot of money moving in from a 4100 sq ft home to this home! We put down a deposit, we have done a lot of work in this home! Can we be kicked out of this home (Texas)? Does the Mortgage company, new owner have to honor the lease we signed for 2 years? Please, we need help, very stressful! Thank you in advance.

If he were selling the home, then they would have to honor the lease. But in a foreclosure, the lease can be voided.

I would make the owner an offer on the home. If you can find out what he owes, make the offer for just over that.

Comments on this post
heymister disagrees: The person answering was not qualified!

Excuse me? What makes you think I'm not qualified? What about my advice was incorrect?

Scott is 100 percent correct, on foreclosures all leases will be void by law.
Now what you need to do is go and talk to the bank, finace company or who ever it is doing the foreclosure and see if they will be willing to lease to you. ( or make you a very good deal to buy the property)

But as stated, if they were merely selling the house to someone, they have to honor, but on a foreclosure, they do not have to honor it.

** from Principals of real estate. I just finished taking the real estate course for the associate broker here in TN and this was just basic real estate law.

And I buy foreclosed and auctioned real esate.

Scott, I tried to remove hymisters comment, but I can delete your post or edit your post but can't seen to delete his comment, sorry

I don't understand except that perhaps you did not give him the answer he wanted to here.

Your answer is exactly correct and it appears he was lashing out for some unknown reason.

Hello hey:

If you want qualified, PAY for it. Here, we're just a bunch of nobody's volunteering our time - for FREE.

You should be a little more appreciative of FREE advice that YOU asked for, ESPECIALLY when the advice was RIGHT ON!

Am I qualified to offer this kind of advice?? I'm breathing, so I'm qualified!

excon

No - the bank/new owner does NOT have to honor your lease and Yes - you need to start looking for another place IF you have received bank notification of the foreclosure.

If the owner can bring the loan current, your lease will remain entact.