Renters and Foreclosures

by Isaac Benmergui, Esq on October 17, 2011

You can’t afford to buy the home of your dreams so you’re renting one instead. You’ve just discovered; however, that the house you’re living in has gone into foreclosure. Can you stop paying rent? Do you have to leave immediately? Should you worry that the bank will come in and take your stuff?

First, don’t panic. Although the owners have not paid the mortgage, you must still pay rent. Get a receipt for every payment to prove, if you have to, that you have paid your rent according to the rental agreement. You have some time to find a new place to live. It could be a few weeks, to months to a year, but the sooner you start looking the more peace of mind you’ll have. You do not have to worry about the bank or mortgage company coming onto the property until the sale of the property, and you should plan on being out of the house before that occurs.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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