What are my rights if my rental house is being foreclosed on?

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What are my rights if my rental house is being foreclosed on?

I received a letter in the mail 2 weeks ago saying my rental house is in foreclosure and I need to vacate the property within 90 days. I spoke with the leasing company who said moving would not be “breaking” the lease since the foreclosure letter said to leave. The owner has now come forward and threatened legal action including rent for the rest of the lease (8 months). I have already placed a deposit down on a new property and am in the process of moving, can the home owner who is going through bankruptcy and home foreclosure sue me for the remaining rent?

Asked on July 30, 2012 under Real Estate Law, Oklahoma

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The fact that a home is being or will be foreclosed on does NOT terminate the lease or free the tenant from the obligation to pay rent. So long as this landlord is the landlord--i.e. until the home is actually foreclosed upon, and he/she no longer owns the home--he or she is still your landlord and you are still obligated to the lease. The landlord can seek rent up to the moment of foreclosure, but not beyond. Once the foreclosure occurs, then the tenancy is terminated and the tenant could move without penalty.


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