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Old 07-04-2012, 06:16 AM
 
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I have been renting a foreclosure and now I. Short sale. I signed a year's lease,do I have the right to stay a year?
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Old 07-04-2012, 06:50 AM
 
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Originally Posted by speck91854 View Post
I have been renting a foreclosure and now I. Short sale. I signed a year's lease,do I have the right to stay a year?
Who did you rent it from? The bank? The person who no longer owns it? Or someone who saw it sitting empty and rented it to you? (yep, that happens- they get the first month, last month, and deposits and disappear) Tricky confusing situation so best to talk whoever is the real owner of the house. Some of my son's friends lrented homes they did not know were being foreclosured on and had to move.
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Old 07-04-2012, 07:16 AM
 
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Read your rental agreement. If there is a termination of lease upon sale of property clause in it, then you are out of luck.

Otherwise, a lease survives a foreclosure unless the eventual new owner will owner- occupy the home Then they have to give you 90 ninety days notice to vacate. If the new owner is not going to owner- occupy the home, then the lease has to be honored for its full duration.

A lease survives a short sale. Legally ,a short sale is like any other sale, it's just a sale. The full length of the lease has to be honored.
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