[rod0922]

My apartment is forclusure but I have a tenant and his contract is due in six months what do I do

[cdad]

Have you told them yet about the situation?

[ScottGem]

In terms of what?

[Fr_Chuck]

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]

Yes

[rod0922]

yes

,its forclusure

[rod0922]

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]

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