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    gigi1954's Avatar
    gigi1954 Posts: 1, Reputation: 1
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    #1

    Nov 8, 2006, 01:24 PM
    Tenant in foreclosed property
    The house I am renting is in foreclosure. I had a lease agreement with the former owner that is still current. What are my rights as a tenant?
    Cvillecpm's Avatar
    Cvillecpm Posts: 553, Reputation: 28
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    #2

    Nov 8, 2006, 02:34 PM
    Quote Originally Posted by gigi1954
    the house I am renting is in foreclosure. I had a lease agreement with the former owner that is still current. What are my rights as a tenant?
    You need to determine WHERE the property is in the foreclosure process and determine if the owner is in a position to return any security deposit. Usually, a tenant in a foreclosed property does not get their deposit returned because the property owner has SPENT it already.
    dtbrealestate's Avatar
    dtbrealestate Posts: 2, Reputation: 1
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    #3

    Jan 29, 2011, 11:14 AM
    NOT AN ATTORNEY AND THIS SHOULD NOT BE CONSTRUED AS LEGAL ADVICE:
    Go to http://www.fdic.gov/news/news/financial/2009/fil09056.html or http://www.nlihc.org/doc/701-704-Public-Law-111-22.pdf for information. This explains the new protection for tenants in foreclosure situations.

    As for the security deposit, it depends on state laws as to how that is handled. A number of states require that it be held in a separate account if it is over $100 or a bond be secured against it. In either of these cases, you should be able to recover. If they did not follow the law, you can always sue them.

    You are bound by your lease agreement to pay your rent. I would recommend getting an attorney.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Jan 29, 2011, 11:49 AM
    Quote Originally Posted by dtbrealestate View Post
    ...
    Go to FDIC: FIL-56-2009: Public Law or http://www.nlihc.org/doc/701-704-Public-Law-111-22.pdf for information. This explains the new protection for tenants in foreclosure situations. ...
    Bad link. Try this.

    It seems to give tenants such as OP the right to a 90-day notice to quit, after foreclosure.
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