What are my options if I rented a house in foreclosure?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What are my options if I rented a house in foreclosure?

I recently found out that the house I rented 7 months ago is in foreclosure and up for public auction in 3 weeks. How do I find the lender to ask about cash for keys? How long before I have to move?

Asked on June 8, 2016 under Real Estate Law, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Federal law gives protection to a tenant in the event their rental unit is foreclosed on. It requires that when a home goes into foreclosure, a tenant who has a written lease can continue to occupy the home until either the end of the lease, or 90 days, whichever is longer. The exception would be if the new owner intends to move in and live in the home as their primary residence. In that case, a 90 day notice to move would apply. A tenant with a month-to-month lease, or no lease at all, have to be given at least 90 days notice to move (in cases in which state law provides more protection, then state law applies). Additionally, an incentive can sometimes be negotiated between a new owner and a tenant whereby the tenant agrees to vacate prior to the end of their lease, or 90, which ever applies. This is known as “Cash for Keys”. Basically, the owner pays a tenant to leave the property early in exchange for a cash payment.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption