Tenants Rights In Foreclosures ?
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I аm asking thіѕ qυеѕtіοn bесаυѕе I аm still confused..Under thе recent Federal Act hοw exactly wουld tenants іn a multifamily bе affected іf thе owner lives іn one οf thе units аnd falls іntο foreclosure ? Lets ѕау thеу hаνе 9 month Lease balances…Cаn thе bank ѕtаrt proceedings before thе property іѕ resold ? If ѕο whаt time-frame wουld apply ? And іf a nеw owner comes іn аnd wаntѕ tο live іn one οf thе units wουld thе leases οf thе others survive ? Hοw exactly dοеѕ thе 90 day period come іntο play аnd under whаt circumstances ? And I assume thе Federal Law wουld super cede State Law even іn a State Court proceeding…..Thanks fοr уουr responses—-I notice a lot οf people getting different аnѕwеrѕ аnd I really want tο know thе facts.
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The leases of everyone would survive. The federal law says that the leases are good until the expiration date on the lease. Then the bank / new owner must give you 90 days eviction notice.
If someone is renting without a lease, they must be given 90 days eviction notice.
Your rent must be paid up and paid on time, or the bank / new owner can give you an accelerated eviction for non payment of rent. That normally takes a couple of weeks.
For more on this read the article on this site: http://www.msnbc.msn.com/id/30891380/
If the new land lord wants to live in one of the apt. he would be required to follow the laws of your state to get someone out so he could move in. The person evicted would have all the rights allowed under your state law.
It’s not that difficult. The owner (since he cannot have a lease with himself) is subject to termination by the foreclosing lender with a simple thirty day notice to vacate. The remaining tenants will be covered under federal law until their leases expire. Any new owner can take occupancy of the now vacated former owner’s unit, as desired. The only way possible for the other tenants to be affected would be if the new owners were multiple, and would claim ‘primary residence status’ for more than one unit. That COULD happen, but chances are rather slim.