What are my rights if the home I’m renting has been foreclosed?
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What are my rights if the home I’m renting has been foreclosed?
My lease is up next month. What course of action should I take to allow my family and I more time to vacate the property? The home has been auctioned and I have contacted the law office that is handling the case for the new owner who I believe may be the bank.
Asked on April 20, 2017 under Real Estate Law, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You don't really have have any "rights": the foreclosure cut off your tenancy by terminating all rights of your landlord: since he/she no longer had any rights to the home, he/she could not give you any rights to possess or reside there. Unlike the situation of your landlord selling to another person, where the buyer takes the home subject to any leases or tenancies, anyone who acquires the home after foreclosure does so free and clear of any leases or tenancies. They can remove you from the home prettty much right away if they choose--they do not have to let you stay there.
That doesn't mean, of course, that you can't negotiate with the new owner. Contact the new owner or their attorney, let them know that you'd like to stay there for a certain amount of time, and offer to pay rent--they may well be willing to enter into at least a short term lease with you.
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