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Old 07-08-2010, 12:05 PM
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Default About Mortgage Forclosure?

i just rented a bottom floor apartment in june..i am recieving mail from the courts addressed to the owner about forclosure..ive called her about it and she told me not to worry..my problem is about the year lease i just signed..do i have any rights?since i signed the lease,and if she does get forclosed on,can she just throw me out or does she have to honor the full years lease?..from what im told by the property manager..she only has to give me so long and i have to vacate...that is of course if the forclosure doesnt get taken care of..but what about the year lease i just signed?..any help would be greatful...thanks
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Old 07-08-2010, 03:20 PM
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It depends on the rules in your state. In some states, the bank only has to give you 30-days notice and in others, they must honor the lease. In some cases, if the house sells, the new owners have to honor the lease. You'll just have to check with your state laws. Banks have no desire to be landlords, so if they can legally kick you out, they will do so as soon as they can.
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