Foreclosure Lease Rights

Foreclosure Lease Rights Law

In our current economy, it is not uncommon for landlords to lose their properties through foreclosure. When this happens, the tenants of that property might find themselves being forced to move. After the "Protecting Tenants at Foreclosure Act of 2009" however, renters have certain foreclosure lease rights that protect them from being evicted during a foreclosure of their property.

These federal-enforced foreclosure lease rights allow a renter to stay in their property after a foreclosure until the end of their lease agreement. If the renter is on a month-to-month agreement, they will be given a 90-day notice before having to move. These foreclosure lease rights also state that tenants are still entitled to regular maintenance and utilities, getting their security deposit back, not being locked out or harassed by the new owners, etc.

Foreclosure Lease Rights Legal Issues:

If a landlord loses their property through a foreclosure, the property may either be resold to a new owner or kept by the bank. Often times, the bank or new owner will prefer to promptly evict the tenants of that property. Even if they do not evict, they may not want to be a landlord and will thus not take care of any maintenance or other landlord responsibilities. Sometimes, the tenants do not even know the owner of their property has been foreclosed upon and may still send their rent to the ex-landlord, who then pockets the money. For all of these reasons, it is extremely important for renters to know their foreclosure lease rights in case this situation occurs.

What a Landlord-Tenant Lawyer can do for you:

With the foreclosure lease rights provided by the 2009 legislation, tenants should be relatively unaffected by a foreclosure. If a foreclosure happens, you may have to move but you will have until the end of your lease (or 90 days if month-to-month) to do so. If you are being asked to move sooner or if you are served with an eviction notice that says you must leave the premises immediately, seek the council of an attorney right away. Landlord-tenant lawyers know the foreclosure lease rights that are in place to protect you, and they can help fight for those rights if they are in jeopardy. A lawyer will come to your aid to ensure you do not lose your foreclosure lease rights if the property you live in suffers a foreclosure.

If the new landlord or owner of the property is trying to evict you so that he or she can move in, you also have foreclosure lease rights to protect you. A lawyer may be able to help you sue the old landlord to recover damages for moving costs, associated fees, and the difference between your new and old rent.

Lawyer Referral Service:

If your property is being foreclosed upon, or if you fear it may, contact a landlord-tenant lawyer today to get help with your foreclosure lease rights. Attorney Search Network can refer you to an experienced lawyer near you with foreclosure lease rights experience.

If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out our online form for your landlord tenant lawyer referral.