redemption expiration date foreclosure
Rental home in Foreclosure?
My Landlord has recently stated that the home is in foreclosure and that he is dicussing the situation with the bank. According to public records the home is in the redemption period and the expiration date will be 6months into my lease. Can I stay in the home or will I need to move out and what is the timeframe to move? Also can I possibly purchase the home to avoid eviction?
The 6months of my lease will expire in thirty days.
Your lease remains valid, so you stay in the property and continue to pay rent until the landlord is no longer the legal owner.
Since your lease is up in 30 days, resigning a new one could be a problem. Obama’s tenant protection laws only protect tenants who are “bona fide” and it defines a “bona fide” lease as one that was entered into before the landlord was served a notice of foreclosure. Since he’s clearly gotten notice of the foreclosure already, your lease could be immediately voided if the house sells at the foreclosure auction. You’d still be given 30 days (or as dictated by state laws) to vacate, but the lease will be void.
Yes, it’s possible to purchase the home. Get a GOOD real estate agent and make the landlord an offer.
redemption expiration date foreclosure
