Foreclosure can i rent

The Protecting Tenants at Foreclosure Act PTFA and RPAPL provide many tenants with the right to stay in their rental properties even though their landlords have lost their rental properties after the foreclosure process has ended. No one should move just because they see that their landlord has foreclosure papers. Many tenants can stay in their homes despite a foreclosure. Tenants do not have to move until a judge orders an eviction.

Is your landlord in foreclosure, or has your landlord already lost the property? Have you have received legal papers? Read the information below and get advice from a lawyer! If your landlord misses a mortgage payment, the bank will file a case in Supreme Court. If your landlord is unable to work out a settlement with the bank, then the bank will likely get a judgment of foreclosure and sale that allows it to sell the property at an auction.

At the auction, sometimes the bank will take back the property, or the property will be sold to a new owner. No, you do not have to ask. They can be posted in any common areas such as a hallway or front door of the building where you live. These papers may have your name on them. Keep in mind that foreclosure cases can take a year or more before the property is sold. During this time, your landlord is entitled to collect rent, sign leases, and commence eviction proceedings, unless the court has appointed an individual called a receiver.

The receiver is a person appointed by the court to manage the building or complex until it is sold at an auction. The receiver sends the tenants a notice telling them to begin paying rent to the receiver, not to the landlord. You should never pay your rent to anyone other than your landlord without written proof that you are required to do so.

Everything from a pre-foreclosure to a scheduled auction is noted in the tax rolls of most states. Each state determines its own rules when it comes to your responsibility as a landlord with respect to disclosing a pending foreclosure to tenants. To further complicate things, the rules can and do change. In , California combated the housing crash by enacting a law that required landlords of residential properties containing four or fewer units to disclose to potential tenants if the property had been served any default notices, or was in the actual foreclosure process.

That law had an expiration date of Jan. This underscores the importance of checking your state's current guidelines. If you know you are in the foreclosure process, you need to disclose this to prospective tenants. Most states have laws that direct landlords to disclose anything about the rental property that, if known, might change the mind of the tenant about renting. In most cases, a pending foreclosure is one of those things. You have some options about when to tell tenants about the foreclosure.

According to NOLO, if your property is most likely going to have the foreclosure completed, you should tell any prospective renters. It is also good business to notify current tenants so they have time to find a place to move.

If, however, you are early in the foreclosure process and believe you will be able to catch up the payments and get it stopped, you are not always obligated to tell this to prospective tenants.

Nonetheless, the specter of a suit should be incentive for you to get your documents in order, play nice with your tenants, and make their transition from the foreclosed property as easy as possible. The property i rent on in Hawaii,has gone thru foreclosure,and a comissioner apointed,he was ordered to collect rent. One month later the former owner filed CH. The CH. Landlord tryed to collect Nov.

He gave me 5 day notice topay rent. Can he evict me? Under these circumstances. Your email address will not be published. Q: Can I still close on my property in state?