Nashville Foreclosure
My landlords house getting foreclosed, I’m the tenant?
I’m in Nashville Tn. I am in middle of a 1 year lease(3rd year we’ve been here), The owner lives out of state, we pay our rent to a property management company.
We know the owner is either cheap(tight) with their money, or they have financial issues. We have good sourced information the mortgage company that has the loan may start foreclosure in 30 days from now if they dont catch up their payments, apparently they have been behind awhile.
MY QUESTION: What happens to us? Does the bank have to abide by our lease till its up? Or can they boot us out? Where does the owner stand is all this as far as obligation or even the Property Management company??
It depends on the lender. Federal law states the lender has to give you 90 days, but some lenders are honoring the lease, it depends on the policy of the lender. They will be in contact with you once they take ownership.
Nashville Foreclosure – 231 Willow Ln, Nashville TN
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