The Apartment I am renting is in Foreclosure? What can I do???

By
Real Estate Agent with EWM Realtors

Working the Brickell Area I have come across this question on numerous occasions. So What happens when a tenant gets a letter from the court stating the unit he/she is renting is in foreclosure?  Well unfortunately there is not much the tenant can do, as a matter of fact depending on where in the foreclosure process the unit is in the tenant may not have much time to move out.  Once an eviction order is placed tenant must leave the apartment usually within 3 days after notice has been posted.

So can the tenant sue the landlord for not honoring the rental agreement?  Yes possibly but it will be a long process and at the end the tenant will not get anything given the Landlord's financial situation.  Is there any way to tell if the apartment you are rentin is in foreclosure? Not really, unless you are willing to do lot's of research and maybe take a trip down to the Court House.

My advise.....get out quickly.  It should not be difficult to find another apartment specially in Brickell, currently there is a large inventory of apartments for rent, however you need to act quickly as in most Condominiums the association process can sometimes takes 2 weeks or more.  In regards to the landlord try to contact him as soon as possible and if you have given him/her deposit money then make arrangements to get it back or to at least live the deposit if possible as most probably the landlord will not have the funds to return deposits to you.

Well good luck and if you need additional information feel free to call me or drop me a note.

 

Comments (3)

Gary Bolen
McCall Realty - South Lake Tahoe, CA
CRS - Lake Tahoe Real Estate Information

Nayla - here a sale runs subject to a lease. If it's in writing, there's nothing that can be done to get someone out before the end of the lease... unless one negotiates it.

best 

Feb 24, 2008 02:35 PM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
We are seeing this happen a lot here... the renter is forced into a difficult situation when the owner has not been paying the mortgage and the home goes into foreclosure.
Feb 24, 2008 03:06 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
Feb 25, 2008 01:41 AM