If I just found out that my landlord has defaulted on the last3 month’s mortgage payments, do I have any rights to move outbefore foreclosure?

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If I just found out that my landlord has defaulted on the last3 month’s mortgage payments, do I have any rights to move outbefore foreclosure?

Asked on December 20, 2011 under Real Estate Law, Georgia

Answers:

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

Answered 9 years ago | Contributor

You are still required to stay and pay rent until your landlord is no longer the legal owner. This will occur when title passes to a buyer at a foreclosure sale (if there is one; the landlord my cure the default prior).  The fact o the matter is that your landlord's financial problems have no impact on your legal obligation to fulfill the terms of your lease. If you simply move out and fail to pay your rent you can be evicted, taken to small claims for the money you owe, and have your credit report affected. 

You should be aware, however, that pursuant to federal law a lender who takes possession of a property or a new owner who buys the building has to let a tenant stay for the remainder of their old lease. The rules are a bit different if someone is buying the property to live in; in that case, they can terminate a lease with 90 days notice. 

Note: Your landlord is still responsible for the return of your security deposit; see if they'll let you apply it to a month's rent. 


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