The Property I Rent is in Foreclosure, What Are My Options?

 

 

Video Summary

 

The property I rent is in foreclosure.  What are my options?


Well, until the foreclosure is completed, the person who is being foreclosed upon owns the property so you are obligated to continue to pay your landlord under the Landlord Tenant Act and under any kind of lease or rental arrangements.  So you would continue to pay them unless you receive a Pleading or Notice from the Court that says that you are to pay your rent into the Registry of the Court or to the bank’s attorney.


Also, there is an action that can be filed by a Homeowner’s Association or a Condominium Association that can require you to pay your rent to the Condominium or Homeowner’s Association if the owner is not paying the rent.


But because the property is in foreclosure does not excuse you from paying rent to your landlord.  If you do not pay the rent to the landlord, then he has a right to evict you.


So your options are pay your rent or you may be evicted from your property.

 

If you have any questions give me a call at 727-847-2288.