Help!!! Foreclosure

[debilorrah]

Ken found a notice of default and public auction on our gate this morning. Apparently, we have been paying rent and the landlord has not been making payments. The landlord said that he is "restructuring" his loan and the problem is one bank not talking to another. I am not buying it.

Does anyone know of any recent legislation protecting renters because this has been happening so much recently??

 

[pdsavage]

http://www.nolo.com/legal-encyclopedia/article-30064.html
May 20, 2009, when President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).

 

[Boyd]

 

[debilorrah]

Thank you SOOO much!

 

[sonew123]

Quote:
Holy crap Deb! sorry...I do know you have protection until the end of your lease term-thats as far as my knowledge on that goes--I hope you have a longgg time left on your lease and it doesnt end soon:-( Even still I think thye have to give you 90-120 days??

 

[debilorrah]

Our lease is up in October, so we have a little while yet. We REALLY don't want to move. If we were month to month, they would have to give us 90 days.

 

[Julie08]

No advice, just wanted to say Im sorry this is happening to you.

 

[Boyd]

Quote:
call your landlord and sign a new lease agreement before this happens. Make sure you have a 2 year lease with option to walk away at your will. It's the least he can do, and keep paying him rent until then.

 

[sonew123]

Quote:
yes but the bank might want to keep you guys on as tenants if it covers all the expenses-until they put it uop for sale orrr..they could offer you a sweet deal on the house so they don't have a ton of work to do on it!!!!

 

[sonew123]

Quote:
call your landlord and sign a new lease agreement before this happens. Make sure you have a 2 year lease with option to walk away at your will. It's the least he can do, and keep paying him rent until then.