Bank Foreclosure

[MichaelA]

My landlord is bankrupt and bank is foreclosing on the property where I live.
If they should want me to move, how much time will I have? I originally had a 1 year lease but I believe it went month to month when the year expired. He never asked me to renew it. Will my lease that included utilities be honored until the bank decides what to do with the property?

 

[Gail_in_Georgia]

As of May, 2009 renters now have some protection in terms of foreclosures on the properties they are renting:

http://www.vhfa.org/about/news/blog/?p=556

Tenants now have 90 days protection in cases of foreclosure. That gives them more time to find another place to rent and to make preparations to move.

It is important to remember that you still need to pay your rent during this time period. Sometimes tenants believe that once a property is going into foreclosure they no longer have to pay rent, however, failure to do this can result in an eviction.

Gail