My landlord is doing a short sale but our lease does not end until March 2010

[Jphat]

Hi. We are currently renting in a 2 bedroom condo unit in MA. I have a 2 yr old & a 4 yrl old children & my husband just got laidoff. I recieved a call from my landlord realtor that my landlord made an agreement with the bank to do a SHORT SALE with our place. My worries is that. what happen if they sold our unit a month from now & we are not prepared. we have no money for last, first & deposit to new new place also if our leasse does not even end until end of March 2010. Please i need a advise in this matter. I do not know what to do if the owner sold the place. I will appreciete any response or advise that i can get. thank you.

 

[jacksgal]

If the new owner do not wish to be landlords they can offer you a "cash for keys" deal. You see if the purchase the unit your renting the lease is still good and new owners must abide by it

 

[Jphat]

thank you for quick response. My other concern is. Do i have to continue paying rent? to whom? do i have to pay it to my landlord or the bank where he file for foreclosure?

 

[jacksgal]

Until your notified the ownership has changed you pay rent to your current Landlord