What are my options if my apartment complex is going into foreclosure?
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What are my options if my apartment complex is going into foreclosure?
I received a letter on my door 2 weeks ago saying the apartment complex I live in is in foreclosure. The are asking that I pick a different residence that they own due to this. I am currently out of state when informed of this, making it impossible. On the other hand, I don’twant to live in my current location anymore and want to move anyway. Legally what can they do until I get back? On top of this, I received a letter taped to my door today saying that because I have not paid rent for the month of this month, my apartment will be locked in 3 days. Is this legal? What can I do?
Asked on September 9, 2011 under Real Estate Law, Mississippi
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There is a recent federal law passed in 2010 stating that if a rental goes into foreclosure and is foreclosed upon, the tenant is entitled to complete the remainder of his or her lease's term if more than a month-to-month lease and assuming the tenant is current on the lease.
If the lease at the time of foreclosure is on a month-to-month, the tenant is entitled to at lease ninety (90) days notice to leave the rented unit from the new onwer assuming the rent is current.
The new owner of the proeprty cannor lock you out of the unit if you are late on your monthly rent. The new landlord can serve you with a three (3) day notice to pay or quit, or a thirty (30) day notice of termination to end your lease due to non-payment of rent.
If you want to stay in your unit a bit longer, pay the overdue rent for this month and give the new landlord notice that you desire to terminate the lease effective a certain date.
Good luck.
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