Foreclosure

questions & answers

Question: i rent a house that is going for auction. do i have to keep paying him rent or can i keep that months rent so i can move out. how long do i have to move when it is sold.

Answer: Your question depends on who currently owns the home. If it is going up for auction, likely the person who you were renting the house from no longer owns the property, and it is now bank-owned. Generally, if the bank owns the property, the tenant does not need to continue paying rent to the previous landlord. However, it is in your best interests to be able to show that you were current on your rent to your old landlord. Under the Protecting Tenants at Foreclosure Act of 2009, if a property is foreclosed on, the new purchaser has to give the tenant of the property (if the tenant isn't the former owner of the property) at least 90 days notice to vacate the property. You may want to contact the bank which is foreclosing on the property, provide them with a copy of your lease and your last 3 months rent checks, and work with them on an agreeable move-out date.