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Foreclosure- Tenants rights
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November 17, 2010, in Foreclosure

I am currently residing in an apartment that has been foreclosed. We have never received any notice as to what the current status of the property is, just that it was being auctioned off. What rights do we have and what should we do now? Will we be forced to pay for the time that we have resided at the location during and after the foreclosure?

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Brett Ehart    November 17, 2010

If you have a lease, and you have been paying your rent, you will be able to stay in your home for the duration of the lease or you must be given a 90 day notice to vacate. Usually what happens in these cases is that the new owner of the property will negotiate with you to vacate, meaning they will pay you to leave. This is known as 'Cash for Keys'

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   November 28, 2010

You say apartment. Any investor picking up the property at auction or if the property goes back to the mortgage holder will want to keep it rented for the income. I continue to pay my rent until further notice.


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