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Leased condominium apt may be forclosed.will that affect my Lease agreement

 
 
Reply Sun 7 Jun, 2009 08:40 pm
If the apartment I have leased and have paid all my monthly rental fees up to date, and the apartment is forclosed from the current owner, will my lease agreement become void?
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Type: Discussion • Score: 2 • Views: 1,646 • Replies: 5
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ossobuco
 
  1  
Reply Sun 7 Jun, 2009 08:47 pm
@beschoice,
I don't know, though I have sympathy - I'm posting to bump your question u[.
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jespah
 
  1  
Reply Mon 8 Jun, 2009 03:48 am
Possibly. What state are you in and what have you been told by the company you're leasing with?
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hawkeye10
 
  1  
Reply Mon 8 Jun, 2009 05:51 am
Quote:
Before May 20, 2009, most renters lost their leases upon foreclosure. The rule in most states was that if the mortgage was recorded before the lease was signed, a foreclosure wiped out the lease (this rule is known as “first in time, first in right”). Because most leases last no longer than a year, it was all too common for the mortgage to predate the lease and destroy it upon foreclosure.

These rules changed dramatically on May 20, 2009, when President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).

An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too.


http://www.nolo.com/article.cfm/objectId/B8CE60DC-0D00-4E6B-8DC71AF1165C89EA/104/138/139/ART/
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ochomefunding
 
  0  
Reply Tue 12 Nov, 2013 02:48 am
@beschoice,
Unfortunately YES! In fat it's not the same with ownership law as the landlord sells the house or apartment (as opposed to foreclosure by a bank), the lease transfers to the new owner (buyer).
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bankruptcycenter
 
  1  
Reply Wed 29 Jan, 2014 11:17 pm
Guess what your lease agreement will become void because the law is not like the ownership flar law....
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