If I was notified today the building I live in has been foreclosed on but my lease doesn’t expire for another 10 months, do I have to move before then?
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If I was notified today the building I live in has been foreclosed on but my lease doesn’t expire for another 10 months, do I have to move before then?
Asked on July 13, 2015 under Real Estate Law, Missouri
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
A tenant is given protection under both federal and state law if their leased unit is foreclosed on. When a rental home or apartment building goes into foreclosure, tenants with a written lease can continue to occupy the home until the end of the lease term, or 90 days, whichever is longer. The exception is if the new owner intends to move in and occupy the home as their primary residence. In that case, a 90 day notice to move applies.
Note: When state law applies if it gives a tenant even more protection.
That having been said, even though a foreclosure action has already been filed, as long as the landlord remains the record owner, the tenant must continue to pay rent to them until it is auctioned off. The tenant should then be informed where to send their rent by the new owner/landlord.
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