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The house in which my family rents was foreclosed on in june 2010 and we were not notified in the situation as to what to do.On september 23 2010 we received a notice to vacate from a lawyer of mortgage company.Giving us 90 days.We have a friend who is willing to purchase at a fair price.But they wont give an idea of what it is worth.they wanted us to move so they can asses value of the home.Why cant they do that with us here and renting the property.And what should i do.
I believe most Section 8 offices have staff to advise their recipients about situations like this. My first suggestion would be to ask them.
Other than that though, the question is "are you in a current lease, or are you month to month?" If you are in a lease, when is the lease term up?
If the house was foreclosed on, and is now owned by the bank, are you continuing to pay rent to the bank?
If you are in a lease that has not expired, and the house was foreclosed on, and you are current on rent, you are covered under the "Protecting tenants at foreclosure act". Google it and read it. They may have to buy you out if they want you to move early (not sure how Section 8 effects this though, do they buy Section 8 out or you?)
However, if you are month to month or if your lease is up right away, 90 days is the legal notice to give on a foreclosure, and you may have no choice but to move.
Ditto what Lacerta said. If you are month to month the bank has to give you 90 days. If you are not month to month they have to honor your lease until it is over. The only exception to that would be if the new owners were going to occupy the house themselves and then they have to give you 90 days. Assuming since the new owners are the bank they aren't moving in.
Whatever you do, don't stop paying rent.
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