Posted by Natalie-VA on September 29, 2007 at 06:55:39:
Jimmy,
In my area, a FC will kill a lease. I’ve evicted former tenants many times. The only exception would be if the lease was recorded in the land records prior to the foreclosing DOT, which just doesn’t happen.
–Natalie
Tenants?? When Big Bank Forecloses? - Posted by FJ
Posted by FJ on September 28, 2007 at 16:18:47:
If tenants are living a a property that gets foreclosed by big national lender…would they get 30 days to leave from foreclosed date? Or would the sherriff be knocking the day after foreclosure?
And no, they would never ever qualify to take over payment as its 4x the rent.
Thanks
Re: Tenants?? When Big Bank Forecloses? - Posted by Natalie-VA
Posted by Natalie-VA on September 29, 2007 at 06:57:25:
In my area, normal eviction procedures would apply. I don’t have to give the former tenant 30 days notice, because they are no longer under a lease. I can give them the same 5 day notice that I would give to a former owner. With that said, I try to be a little understanding with former tenants depending on the situation.
–Natalie
Re: Tenants?? When Big Bank Forecloses? - Posted by ken
Posted by ken on September 28, 2007 at 18:57:18:
The bank often has the realtor offer cash for keys.In other words if they move within so many days they will give them a certain amount of cash.If they do not move the bank will use that money to kick them out.They need to follow normal eviction rules but a lease is no longer valid upon a foreclosure
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Bank Takes Subject to Lease - Posted by Jimmy
Posted by Jimmy on September 29, 2007 at 06:16:22:
the lease does not “go away” when the bank forecloses. that lease is an encumbrance on the property, just like a lien. the bank steps into the shoes of the defaulted owner, and must live up to its obligations under the lease agreement.
with that said, if the lease has gone month-to-month, the bank has a simple solution. give 30 days notice and get tenant out. if tenant does not move, file eviction