If our rental home is being foreclosed on and sold, when do we have to move?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If our rental home is being foreclosed on and sold, when do we have to move?
We are renting but our lease is long ago expired. We just discovered the home is being sold at auction in 27 days. How soon do we have to leave?
Asked on June 8, 2017 under Real Estate Law, Oklahoma
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
As a tenant, you are given protection in the event of a foreclosure. Pursuant to federal law, when a home goes into foreclosure, a tenant with a month-to-month lease (which is what you have since your written lease has expired) have to be given at least 90 days notice to move after the sale of their rental unit. Additionally, in cases where state law provides more protection than the federal law, the state law applies. Additionally, sometimes an incentive can be negotiated between a new owner and a tenant so that the tenant agrees to move out prior to the end of the 90 days. This is known as “cash for keys”. Basically, the new owner will pay a tenant to leave the property early in exchange for a cash payment. The amount and timing of the payment can be worked out on a case-by-case basis.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
As a tenant, you are given protection in the event of a foreclosure. Pursuant to federal law, when a home goes into foreclosure, a tenant with a month-to-month lease (which is what you have since your written lease has expired) have to be given at least 90 days notice to move after the sale of their rental unit. Additionally, in cases where state law provides more protection than the federal law, the state law applies. Additionally, sometimes an incentive can be negotiated between a new owner and a tenant so that the tenant agrees to move out prior to the end of the 90 days. This is known as “cash for keys”. Basically, the new owner will pay a tenant to leave the property early in exchange for a cash payment. The amount and timing of the payment can be worked out on a case-by-case basis.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.