What should i do, when the place you renting goes in forecloser,and bought back by bank

Asked 12 months ago - Riverview, FL

landlord going into forecloser sold back to bank,do we continue paying our rent or what??i have my family to think about as well. idk what to do.

Attorney answers (3)

  1. Rebecca Clayton Lavie

    Contributor Level 10

    5

    Lawyers agree

    Answered . Has the foreclosure sale already occurred? If so, you should pay rent to the new owner. Under the Protecting Tenants at Foreclosure Act, anyone who acquires title to a property pursuant to a foreclosure takes the property subject to the rights of any bona fide tenants living on the property. You are entitled to stay in the property for the duration of your lease or for 90 days, whichever is longer. If the sale has not yet occurred, you should keep paying your current landlord rent until the foreclosure sale. If you have not already done so, you should submit a filing to the court stating that you are a tenant living in the property. Submit a copy of your lease with the filing. When the foreclosure sale occurs, you will probably be notified, and at that point you should start paying rent to the new owner.

    This answer is for informational purposes only. It does not constitute legal advice and does not create an... more
  2. Robert David Devin

    Pro

    Contributor Level 12

    3

    Lawyers agree

    Answered . You should be contacted by the bank who will probably ask that you pay rent to them. The law called "protecting tenants at foreclosure", which you can Google, explains that they have to give you at least 90 days (3 months) notice before trying to evict you if you have a valid lease agreement. The most direct way to solve the problem is to contact the bank and document your communication with them.

    Attorney answers to questions are for general purposes only and do not establish an attorney-client relationship.... more
  3. Carol Lynne Zimmerly

    Contributor Level 18

    3

    Lawyers agree

    Answered . You can continue renting there, as long as there aren't any other issues which would make you want to get out of the lease.

    As the other attorneys have stated, you can have your lease honored. If it is a month-to-month, you can stay there for at least 90 days after the bank gives you notice.

    If your lease is already over and you are a month-to-month now, you can give notice that you wish to vacate at the end of May. You will have to mail the bank's property manager a letter stating this and put it in the mail by May 15th and send it via certified mail. You should also fax or email a copy of the letter to the property manager. Ask to meet on May 31st at noon at the property so you can turn over keys and surrender possession. State that if you don't hear from them or if they fail to meet you, you will mail the keys in a padded envelope via registered mail.

    When you do leave, remove all of your items, clean thoroughly, and take LOTS of pictures to document each room, the outside, the back yard and the front yard, the condition of the appliances including A/C, the flooring, etc.

    If you are unsure of your rights and responsibilities, make an appointment with a local landlord tenant lawyer or real estate attorney. Good luck!

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