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    honkytonk's Avatar
    honkytonk Posts: 2, Reputation: 1
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    #1

    Dec 19, 2008, 02:17 PM
    Breaking lease due to Foreclosure!
    To put it simply:

    Can I break my lease because my landlord is going into foreclosure? If I have no legal recourse, what could the landlord do if I decide to break it? Thanks
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
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    #2

    Dec 19, 2008, 02:18 PM

    Can you stay until you are told to move by the landlord or the new owners?
    honkytonk's Avatar
    honkytonk Posts: 2, Reputation: 1
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    #3

    Dec 19, 2008, 02:32 PM
    Yes we can stay until our lease it up. However we are concerned about two things. 1, our deposit not being refunded, to the bank kicking us out.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Dec 19, 2008, 02:50 PM

    In California, you are allowed to ask for all of your payments back till the point the foreclosure started and live there without paying until the foreclosure is selttle or it is taken over by the lender.

    Currently under Fannie Mae as of this last week or two, if the loan is from them, they will honor the lease upon foreclosure of the home.

    Other states or loans, you owe for rent up to the point that the home is actually foreclosed. After that the bank may ask you to leave and/or evict you.

    Ok, honestly, they are losing their home, so unless the deposit is in a separate bank account, I would not expect to get it, but you can after the foreclosure sue them for that deposit ( unless they go bankrupt)
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