What you should know if your landlord lets the property your renting go into foreclosure.
A foreclosure does not change your lease terms. You must continue to follow the terms of your lease. You must keep paying rent unless you have a legal reason to withhold it and you should have an attorney representing you in this case. Your landlord must also follow the terms of your lease and they must also keep the property in good repair as indicated in your lease and Minnesota Law. You must also keep you utilities paid current.
If you move out early it may be a voilation of your lease. Both you and your landlord must give legal notice to end your lease. I would also recommend reading your lease to see if there is anything about your rights if the property is in foreclosure.
Your landlord still has a six month redemption period after the Sheriff's Sale to pay off the property and redeem it. After the six month redemption period if your landlord does not redeem the property the property will be turned over to the holder of the Sheriffs Certificate or the Lender. The new owner may have the legal right to ask you to move even if your lease is not over, but they still need to give you written notice stating that you must move out of the property.
For more assistance contact:
HOME Line
(866) 866-3546
http://www.homelinemn.org
Law Help Minnesota
http://www.lawhelpmn.org
Home Ownership Center
(866) 462-6466
http://www.hocmn.org/renters.cfm
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