The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Rental/Foreclosure||Date: 12/18/2008 10:55 AM|
|Author: Synergism||Number: 113217 of 127222|
The tenant has no rights in a foreclosure situation?
As others have pointed out, this varies state by state.
When it happened to us, 20-some-odd years ago, we were in the process (or thought we were) of buying the house we were renting. Then one day, a notice of foreclosure went up on the front door.
We were told that the matter was between our landlord and the institution carrying the mortgage, and the 30-day notice was the most right we could expect. We were also told to count ourselves lucky for having notice because although it was due us, recourse for not getting it would have been a minor civil penalty not comparable to the hassles involved in having only 30 days to get out.
Good luck to your sister. We ended up making a very poor financial decision in our panic to move so quickly, but that's probably because we were already in the frame of mind to buy and couldn't stomach the thought of moving twice in rapid succession.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|