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    Renterhelp53's Avatar
    Renterhelp53 Posts: 1, Reputation: 1
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    #1

    Oct 23, 2011, 11:46 AM
    Renter and house is being foreclosed on
    I am currently renting a townhouse that is being foreclcosed on. I have paid my rent. What happens once the house is formally foreclosed. Takes place Nov 10th. How much time do I have until I have to move?
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Oct 23, 2011, 11:54 AM
    Its hard to say as we don't know the conditions by which the new owner will accept the property. If a bank simply forecloses on it then they may allow you to stay. Or the new owners may allow you to stay. They can either propose that you leave and give you a timetable or they will have to evict you and go through a legal process to do it determined by your local law.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Oct 23, 2011, 12:28 PM
    There is a sticky note at the top of this forum that helps answer your question.

    https://www.askmehelpdesk.com/real-e...re-316199.html

    You will have at least 90 days to vacate. More if you have a current lease that extends past 90 days. It will also depend on who becomes the owner.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Oct 23, 2011, 12:32 PM
    Rent will need to be paid to the new owners of course, but as Scott noted there should be a 90 day period you are allowed from the new owners ( assuming it is even sold) often the bank ends up owning it. Some will keep renters till they sell it, others don't want to be landlords,

    In some cases the buyer may be an investor and they will want to keep it as a rental
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