If our rental home is being foreclosed on and sold, when do we have to move?
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If our rental home is being foreclosed on and sold, when do we have to move?
We are renting but our lease is long ago expired. We just discovered the home is being sold at auction in 27 days. How soon do we have to leave?
Asked on June 8, 2017 under Real Estate Law, Oklahoma
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
As a tenant, you are given protection in the event of a foreclosure. Pursuant to federal law, when a home goes into foreclosure, a tenant with a month-to-month lease (which is what you have since your written lease has expired) have to be given at least 90 days notice to move after the sale of their rental unit. Additionally, in cases where state law provides more protection than the federal law, the state law applies. Additionally, sometimes an incentive can be negotiated between a new owner and a tenant so that the tenant agrees to move out prior to the end of the 90 days. This is known as “cash for keys”. Basically, the new owner will pay a tenant to leave the property early in exchange for a cash payment. The amount and timing of the payment can be worked out on a case-by-case basis.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
As a tenant, you are given protection in the event of a foreclosure. Pursuant to federal law, when a home goes into foreclosure, a tenant with a month-to-month lease (which is what you have since your written lease has expired) have to be given at least 90 days notice to move after the sale of their rental unit. Additionally, in cases where state law provides more protection than the federal law, the state law applies. Additionally, sometimes an incentive can be negotiated between a new owner and a tenant so that the tenant agrees to move out prior to the end of the 90 days. This is known as “cash for keys”. Basically, the new owner will pay a tenant to leave the property early in exchange for a cash payment. The amount and timing of the payment can be worked out on a case-by-case basis.
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