If the home I’m renting is in foreclosure, I understand that my lease has to be honored by the lender when they seize the property, however do I have to honor it if I want out?

Get Legal Help Today

 Secured with SHA-256 Encryption

If the home I’m renting is in foreclosure, I understand that my lease has to be honored by the lender when they seize the property, however do I have to honor it if I want out?

I found a home to buy and I want out.

Asked on November 2, 2012 under Real Estate Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

No, once the house is foreclosed, the tenancy is terminated (since the landlord can no longer provide possession) and you could move out without penalty. Also, be aware that if, at foreclosure sale, someone buys the home who intends to live there, he or she only needs to give up to 90 days, not the entire remaining lease term, if longer than that.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption