What to do about a foreclosure and cash for keys?

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What to do about a foreclosure and cash for keys?

Last month we received a letter from a realtor advising the property we were renting had been sold at auction. The realtor stated they were acting on behalf of the buyer and offered us “cash for keys” to vacate the property. I immediately contacted our landlord advising of the letter and sending her a copy. We knew she was in foreclosure and when we signed the lease, she advised because of the situation, we might be forced out prior. I requested verification from our landlord to dispute the documentation we received, but she never was able to provide anything. We decided to vacate the property and are now being contacted by her attorney advising we’re in breach of the contract. What options do we have?

Asked on November 1, 2012 under Real Estate Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Under 2010 federal law if the rental that you are renting is lost in foreclosure the new landlord is required to honor the balance of the lease that you have and if the lease is a month-to-month arrangement the new landlord must give you at least ninety (90) days to vacate the unit.

If the original landlord is willing to end your lease before the foreclosure, so be it if that is what you want. make sure that you get a writte release as to such.

Given the fact that you have been contacted by an attorney about being in breach of the lease, I suggest that you consult with a landlord tenant attorney to assist you in the matter you have written about.


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