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?
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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 11 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.
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