What are our rights regarding foreclosure, tenancy, etc?

Asked over 1 year ago - Calumet City, IL

We just found out our building has been sold as a result of foreclosure. We were never given any notice that the building was in foreclosure. We signed 2 year lease in July 2012, we are long term tenants, going back to 2004. Rent is paid on time. A motion for possession was filed naming the former owners (who have never lived here) and "Any other occupants who are named in the order of possession". We are not named on any of the paperwork (I just got a copy today of entire case file). Motion names former owners, their company, Unknown Owners and Non Record-Claimants. Don't we have to be specifically named and what should we do to protect our lease that does not expire until 2014

Attorney answers (3)

  1. Thomas O. Moens

    Contributor Level 20

    1

    Lawyer agrees

    Best Answer
    chosen by asker

    Answered . Except in very limited circumstances, your lease will continue with the new owner. This does not mean the new owner will be required to continue your lease after it expires, unless that is required in your lease. If anything other than that happens, you may need to contact an attorney. But my guess is, the new owner will be very happy to have good tenants like you already occupying the property.

    By the very nature of Avvo, you have only provided limited facts and no documentation, therefore, our response to... more
  2. Judy A. Goldstein

    Contributor Level 20

    2

    Lawyers agree

    Answered . The new owners are subject to the leases which are in place. You should be OK at least until your lease expires. It might be a good idea to meet with the new owners when the dust settles.

  3. Andrew Joseph Miofsky

    Contributor Level 9

    Answered . It is impossible to tell from your question whether you were served with a lawsuit. I suggest you take the papers your received and you lease to a local attorney to discuss your options.

    This is not legal advice and I am not your attorney. Always consult with a licensed attorney in your state before... more

Related Topics

Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

Landlord-tenant law

Landlord-tenant law is governed mostly by state laws, and covers issues like security deposit limits and deadlines, evictions, and the right to withhold rent.

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