Do I Have Rights If My Landlord Allows The Property I Pay Rent On To Go Into Foreclosure?

My husband and I rent a two bedroom home, we pay $1000 rent per month, on time, and have done so since November 2012. We signed a one year lease at the time of move in. Recently I was scanning through properties in our town that were for sale – really out of curiosity mostly, and I came across our home!
In the details listed on Zillow it notes “The owner of this property has been served a Notice of Lis Pendens,” and says it’s been in default since June 2012.
Should I be concerned? Do I have any rights here? Are we at risk of losing our rental home?

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8 Responses to “Do I Have Rights If My Landlord Allows The Property I Pay Rent On To Go Into Foreclosure?”

  1. marrieda says:

    I would be surprised if you had any rights. Contact the bank or perhaps a lawyer.

  2. Cathi K says:

    A buyer must accept the lease.You may or may not be able to renew it.

  3. Pascal the Gambler says:

    Your lease is valid and stands. New owner inherits it. AT worst you would have 90 days afetr any foreclosure sale.

  4. R P says:

    You need to continue paying your rent to whoever is the legal owner of the house. If you stop paying rent, you can be evicted. Keep in mind that your lease has nothing to do with your LL’s mortgage. When the bank finishes the foreclosure process, you will be notified where to pay the rent. They may make you a “cash for keys” offer, but there is no guarantee that they will or even how much they might offer.
    The new owner will have to honor your lease until it expires, but you probably should be saving money to move when the time comes.

  5. Cujo says:

    In November 2013 your lease is up and I would suggest you do not sign another year. Your Landlord should have told you that the house was for sale. When my tenants moved in they knew the house was for sale and the lease specifies they must be prepared to have the house shown at a 24 hour notice.
    Just double check the Zillow because they are often out of date and get their facts wrong. According to Zillow the house I now live in and have owned for a year is still available and they have the wrong asking price on their.

  6. s and d e says:

    the only right you have is to finish out your lease under the new owners.

  7. Landlord says:

    A lis pendens is not a foreclosure. It is a title dispute, likely associated with a divorce.
    Your lease is up in 5 months, so the odds of this effecting you at all are pretty low.
    You may end up paying rent to someone else the last month or two, but you should not be effected any further then that.

  8. Flower says:

    “. . . tenants with a “bona fide” lease that was entered into before notice of foreclosure can remain in a foreclosed home until the end of their lease, unless the bank sells the property to someone who intends to make it his/her primary residence. If the new owner intends to occupy the home, they are still required to give 90-days notice to the tenant prior to eviction. If the tenant does not have a lease there is still a 90-day notice requirement prior to notice to vacate. Notice must be provided by the “immediate successor in interest” which, in most cases, would be the bank or the new owner.”

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