Author: Kat Tretina / Source: Wise Bread
Finding the perfect rental for you and your family is hard enough. After searching through hundreds of listings, touring apartments, and finally moving in, the last thing you want to worry about is any hiccups with the property. Instead, you want to focus on turning your new rental into a home.
Unfortunately, most tenants don’t know if their landlord is keeping up with the building’s mortgage payments until it’s too late. Instead, you might only find out once the property has entered into foreclosure. When that happens, it typically means your lease is no longer valid.
Before you start panicking, it’s important to know that tenants have rights, even in the case of a foreclosure. Here’s what you should do if you find out your landlord’s property has entered into foreclosure.
1. Understand tenant protections
Most states have their own tenant protection laws in place. For example, in Florida, you can remain in your rented home while it goes through the foreclosure process, which can last several months. When the proceedings end, you will likely have to find another place to live. If the foreclosed home is sold, the new purchaser may offer you the following options:
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Enter into a new rental agreement. If the new owner intends to use the home as an investment property, they may offer to allow you to stay if you sign a new lease with them.
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Move out in 30 to 90 days. The new owner might not want to deal with tenants. If that’s the case, they must provide you with a written notice asking you to leave by a certain date.
Depending on where you live, that notice period can range from 30 to 90 days.
The U.S. Department of Housing and Urban…
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