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What happens to a Renter when the landlords property is foreclosed My homie called all upset because the house he's been renting an apartment in for the last 3 yrs is in foreclosure... what's his rights ? | |
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move ~svn seven | |
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Not sure where you are but over here it's a mandatory three-week notification before a tenant has to move, even if they are late in the rent.
There would probably be a govt body they could call to enquire. Any real estate agent should be able to tell you also. Tell them good luck! Also, if the bank is taking ownership it may just be put on the market, at which time the bank would probably find it preferable to have a tenant paying rent instead of kicking them out. I don't think it will be terrible news. "...and If all of this Love Talk ends with Prince getting married to someone other than me, all I would like to do is give Prince a life size Purple Fabric Cloud Guitar that I made from a vintage bedspread that I used as a Christmas Tree Skirt." Tame, Feb | |
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If the bank takes it over it might look for a new management or sell it. Depending on your renters agreement you may get the (amount of time notice) to move.
I would consider moving. 
Ohh purple joy oh purple bliss oh purple rapture! REAL MUSIC by REAL MUSICIANS - Prince "I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben |
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moderatorI think you're assed out. literally  | |
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Plan to move.
However, he needs to try and talk to the landlord for a time frame. The bank could do anything with it. Maybe they'll let folks stay there, and try to sell it. However, a new landlord might move folks out. Having been a landlord in the past, every state, and city, has a Tenants Rights Board. Look it up in the Blue Pages and call them. Have your friend tell them exactly what is going on, and what his options are. There are laws in place to protect a tenant. Not everything goes for the landlord by default. Call them, and talk to them. I once worked for my landlord, and he tried to hold my check to get my rent (I wasn't late, he was just a dick, and money hungry). I called the tenants board right then, and they told me despite him being my landlord, he had to give me my paycheck, in full. When I told him who I had called, I had my check within the hour. But....plan to move. Talk to the owner, information is power. | |
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Thanks guys... We live in NYC but i will pass on the information i got from you guys to him, but i told him this morning.... find a new a place asap. | |
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banks said: Thanks guys... We live in NYC but i will pass on the information i got from you guys to him, but i told him this morning.... find a new a place asap.
I live in NY state, so def find the tenants board for NY in the phone book, or online. | |
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banks said: Thanks guys... We live in NYC but i will pass on the information i got from you guys to him, but i told him this morning.... find a new a place asap.
New York City has pretty strong tenant rights. See if you can find any info on the NYC Tenant's Rights website. Maybe he can try to call the Department of Housing and Preservation. (I think the number is on that website.) I would also tell your friend to call 311 and ask them who he should call for more help. Does he have a lease? About 3 years ago I got a notice to evict from the Department of Housing because my landlord wanted to demolish the building. Legally, I could stay until my lease expired, and then without a lease until the city approved his petition to demolish, so he may not have to move out immediately. I don't know how it works with foreclosure though. I'm guessing the maintenance, etc. is going to go downhill if the landlord isn't making payments. . [Edited 12/18/09 19:59pm] The check. The string he dropped. The Mona Lisa. The musical notes taken out of a hat. The glass. The toy shotgun painting. The things he found. Therefore, everything seen–every object, that is, plus the process of looking at it–is a Duchamp. | |
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I just found this by Googling "my apartment building is in foreclosure":
http://apartments.about.c...rights.htm If your landlord can't pay the mortgage and your apartment building goes into foreclosure, you won't be on the street tomorrow, thanks to a tenant-friendly federal law that took effect on May 20, 2009.
The Protecting Tenants at Foreclosure Act of 2009, which is Title VII of the Helping Families Save Their Homes Act, applies to the entire United States and broadly covers "any foreclosure on a federally related mortgage loan or on any dwelling or residential real property" and "any successor in interest to such property" (emphasis added). Your right to stay in your apartment in the event of a foreclosure depends on whether you have a lease. If You Don't Have a Lease If you're living in your apartment without a lease, you have at least 90 days after the date of the foreclosure to vacate your apartment. If You Have a Lease If you've signed a lease for a term that ends after 90 days from the date of foreclosure, you can continue occupying your apartment all the way to the end of your lease term. For example, say you just renewed the lease for your apartment for twelve months and your building was foreclosed on yesterday. You can stay in your apartment until your lease expires, which is roughly a year from now. If your lease term ends before 90 days following the foreclosure, then you have the full 90 days. Exception for primary-residence purchaser. If the building is sold in foreclosure to a purchaser who wants to use your apartment as her primary residence and you have a lease, then your lease expires on the date of the sale. However, you then have 90 days to continue occupying your apartment and start looking for a new rental. Note: Unless Congress acts to extend the law, the Protecting Tenants at Foreclosure Act of 2009 is set to expire on December 31, 2012. So it seems that your friend at at least 90 days from the date of the foreclosure before he'd have to move; and more than that if he has a lease. The check. The string he dropped. The Mona Lisa. The musical notes taken out of a hat. The glass. The toy shotgun painting. The things he found. Therefore, everything seen–every object, that is, plus the process of looking at it–is a Duchamp. | |
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