Upcoming Foreclosures

If I am renting a house, can the bank force me out if the landlord is going through the foreclosure process?

Will the bank take my rent check? Are they required to give me any notice. I live in central Florida, just in case state laws apply differently.

Public Comments

1. You keep paying your rent until you get a notice that the property has been sold and a new owner wants to take possession. Generally that is in the form of a 30 day notice to quit. New owner voids any outstanding leases. New owner has a right to take posession of his property in 30 days. It's a foreclosure. It's not subject to any proir agreements. C'mon. I enter into a 100 year lease from you for a dollar a month; and it's foreclosed. Think I can stay there under that lease?
2. When ownership changes, either by sale or foreclosure, the new owner must honor existing leases. Continue making rent payments to your landlord until directed otherwise by the mortgagee (bank). Here's an interesting site I receently found; www.sftu.org/sale.html realtor.sailor
3. Leases do run with the property not with the owner so if your landlord sold his house to someone else your lease would transfer. Foreclosures are a little different. If you look at foreclosure notices that have been filed at your courthouse the owners of the house are not always the only ones listed as defendants. If there are other obligations like tenants then the tenants name is listed in the suit as a defendant too. I've even seen notices(called Lis Pendens) with the Home Owners Association as an added defendant. This lets the bank void the lease. The bank should give you notice.
4. 1) The bank won't take your rent check because you don't owe the bank the money - the person holding the note until the foreclosure has taken place does. 2) Even if you sent the bank the money directly - if the property is in Foreclosure it will be returned - however, not to you - but to the holder of the note. Actually - how could you pay the bank directly unless you had the loan number? 3) You can't discuss the loan with the bank .. because the bank can't discuss the loan or it's status with you - unless your landlord (i.e. the holder of the note) authorizes the bank to talk to you. 4) Four months ago if the property was foreclosed on, you would be evicted by the sherrif as the renter. This is determined by the laws in your state/county regarding foreclosure and renters. You should look it up as every city, state, county has different laws regarding the matter. You could probably even go talk to a foreclosure attorney in your area about the matter if you wanted to. 5) *IF* the loan is a Fannie Mae or Freddie Mac investor backed loan, right now there is a moritorium in place that is preventing eviction of renters in Foreclosed properties until March 9th (I believe). If your landlord can tell you the investor name, you will be able to understand how the news applies to you. All this stuff in the news regarding foreclosures not only relates to the banks and people with home loans, but it also impacts renters of properties going into foreclosure or that have been foreclosed on. It is probably in your best interest to follow that news as well as some of this may relate to your situation.