What happens when an apartment complex is foreclosed on?
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What happens when an apartment complex is foreclosed on?
Just now my apartment complex was building was foreclosed and condemned. I,as long with all the other tenants were forced to leave. The red cross was generous to put us up in a hotel for the next two days. After that we are all on our own. Is the bank liable to pay our first month and deposit? If so how do I get them to do that?
Asked on October 29, 2010 under Real Estate Law, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
"Foreclosed" is not the same as "condemned" and each carries with it different legal results for a tenant. In foreclosure as a tenant in Michigan you would be allowed 90 days notice to leave. Condemnation, though, generally permits the owner (or "successor in interest" - the bank) to terminate occupancy immediately because of unsafe or unhealthy conditions. That is why, most likely, that the American Red Cross stepped in here. I would seek help from a tenant's rights organization here as to the laws that effect you in this matter. It would seem unlikely that the law would require the bank to pay for the first month's rent and security but you may have rights as against your old landlord. Good luck.
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