If I am a renter and my 1 year lease goes through the first of next month but I signed an extension last month, what happens in the event of a foreclosure?
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If I am a renter and my 1 year lease goes through the first of next month but I signed an extension last month, what happens in the event of a foreclosure?
On the 6th of last month, I signed a new lease to run for another year. Last week I received a notice to evict. Will my new lease be honored since it was entered into prior to notic, or will I be considered month-to-month after the first of next month? I have a deposit equal to 3 months rent. Can I have the owner take my rent out of this between now and foreclosure since I am unlikely to see it again?
Asked on August 13, 2012 under Real Estate Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under 2010 federal law if a rented property is foreclosed upon, the new owne is required to allow the tenant in possession to continue residing in the foreclosed unit through the term of the lease so long as the tenant is not in breach of the agreement. If the tenant is on a month to month lease, the new owner of the foreclosed unit is required to give at lease ninety (90) days written notice of termintation of the rental to the tenant.
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