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Renters Rights After Forclosure
Foreclosure is a legal and professional proceeding where a bank or a mortgage company sues a property owner to take way the property. Landowners’ property goes into foreclosure because the mortgage is default for a period of time. The whole procedure of foreclosure could take months. After foreclosure, the mortgage holder or a bank to which the landlord is indebted to becomes the new owner. |
Your right as a tenant differs from state to state. If you are a tenant renting a house or apartment that is foreclosed, in most states you are entitled to a sixty days noticeto move. If you are leasing a commercial space, you are entitled to thirty days noticeto vacate the rented place. If you are the previous owner of the property the new owner or a bank will serve you a three day notice to move out. The written notice must be served in person or through the mail and in a language understandable to you. In both instances, when the legal notice runs out, and if you have not emptied the property, the new owner can file an unlawful Detainer eviction action with the court. If you are a tenant on lease, your right to stay at the rented property under that lease will automatically come to an end by the foreclosure. Certain leases may remain valid even after a foreclosure process. These are generally commercial leases or long term leases.
Even though you are facing eviction, you, as a tenant have some rights in your favor. You should act promptly to defend your rights. If the new owner files the unlawful detainer eviction action, you must respond to the notice within the allotted time frame. If you do not respond quickly and correctly, you may be forced to evacuate the rented property by the sheriff very soon. Take a help of specialized legal assistance to go through the eviction process.
Sometimes the new owner will offer you money to move out quickly from the rented property. This is commonly referred to as "Cash for keys." This may be a positive move since it gets you some money and avoid an eviction. Before accepting this offer think about whether or not you have a place to go because the demanded move out time in such cases is very limited.
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Renters Rights After Forclosure
