Ask Experts Questions for FREE Help !
Ask
    chickiegal's Avatar
    chickiegal Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 30, 2008, 08:57 AM
    Leased home in foreclosure
    Like to know my rights in the situation where the owner of the home I am renting was notified of foreclosure and given 30 days to respond. He has not made his mortgage payments since March 08... Can I terminate my lease without any penalties? What are our legal responsibilities?
    Thank You... :confused:
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jul 30, 2008, 09:04 AM
    Your responsibilities are detailed in the your lease. With the possible exception of California, what the landlrod does with what you pay him is no concern of your yours. As long as he is the legal owner of the property you are required to adhere to the terms of the lease and pay him the rent. Since he has not violated the terms of the lease, you have no grounds for breaking it.

    Once the foreclosure is finalized, the lease will be void and you will have to move. The new owner will be required to give you a reasonable amount of time to relocate.

    You might consider making an offer on the place. See if the mortgage can be assigned to you and you pay the arrears. If he's going to lose it in foreclosure anyway, he might be amenable to this.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Jul 30, 2008, 01:05 PM
    Yes Scott has it down well, except for California that has some special protections, your lease is valid until up and to the time that it is actually foreclosed.
    chickiegal's Avatar
    chickiegal Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Jul 30, 2008, 04:26 PM
    Quote Originally Posted by chickiegal
    Like to know my rights in the situation where the owner of the home I am renting was notified of foreclosure and given 30 days to respond. He has not made his mortgage payments since March 08.... Can I terminate my lease without any penalties? What are our legal responsibilities?
    Thank You....:confused:
    Yes, Scott, it was not the answer I had hoped for but it helped spell things out. Tks for you quick response.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Leased Florida home in Foreclosure [ 19 Answers ]

My husband & I leased a home in South Florida for a 1 year lease term. Money required up front were first, last & a security deposit. One month ago, April 2008, we were served papers from the court house that the house were are leasing is now in foreclosure. As we flipped through the pages, we...

Leased home being sold? [ 1 Answers ]

Me and some friends have signed a 1 yr lease with our landlord and have been living in the house for over 3 months start may 20, 2007. We recently received a letter stating our landlord is obligated to put her house up for sell. Just today we had people over to look to buy the house. They mentioned...

Foreclosure on the 2nd home [ 3 Answers ]

I live in California and thinking of returning my second home back to the bank because it will cause me nore money to sell . Can they run after my primary home that I'm living in right now?

Landlord selling leased home, can I ask them to buy me out of my lease to relocate? [ 2 Answers ]

I am 4 months into a 12 month Lease. The landlord seems to be under the impression I must leave when the house is sold. I would like to know my rights on asking them to buy me out of my lease so I can take the money to find another home for me and my family, of 4 children. The landlord called me...

View more questions Search