DO I STILL PAYMY LANDLORDIF THE PROPERTY WAS FORCLOSED ON?
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DO I STILL PAYMY LANDLORDIF THE PROPERTY WAS FORCLOSED ON?
ON 09/14/10 I RECEIVED A NOTICE FROM FANNIE MAE THAT THEY WERE NOW THE OWNER OF THE PROPERTY THAT I RENT.
Asked on September 30, 2010 under Real Estate Law, Michigan
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You are now legally required to pay the new owner of the property, Fannie Mae, as they instruct. Former landlords have been known to try and continue to collect rent even after they no longer own the property. Remember, former landlords are just that - former. This means that; they no longer have any rights to the property and this includes collecting rent.
Additionally, you should be aware that federal law gives some rights and protection to a tenant in the event that their rental unit is foreclosed upon. The “Protecting Tenants at Foreclosure Act” requires that when a home goes into foreclosure, tenants who have a written lease can continue to occupy the home until the end of the lease period, or 90 days, whichever is longer. The only exception would be 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 would apply. Those tenants with a month-to-month lease, or no lease at all, have to be given at least 90 days notice to move. Also, in cases where state law provides more protection than the federal law, the state law applies.
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