Foreclosure Agreements
question about house foreclosure and lease agreement?
When a house you are renting gets forclosed on what happens to the lease agreement?
Actually, Acermill is not entirely correct.
It depends on your local jurisdiction, and you will need to check with your local legislature guidelines regarding ownership transfer.
for example:
In Maryland and Virginia, if you are renting a home that is foreclosed, you’re pretty much out of luck. HOWEVER, if you live in Washington D.C., the lender that takes of the property is legally required to honor the remainder of the lease, including, but not limited to, keeping the property maintained and in good general repair. You as a tenant are still required to pay the rent, just to a different person.
Lenders don’t like to hear this, of course, and a few banks have been known to force people out who are not aware of the local laws regarding this. I would suggest you speak to a local real estate expert/attorney that can give you advice specific to your area.
7of8 Contracts for credit cards and loan agreements, foreclosure, are void.
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