Foreclosure Auction-4 Family This Saturday
I plan on bidding on a non-owner occupied 4 family in CT this week and was wondering how what happens to the existing leases on a foreclosure. Do they stay in place, or do I need to get new ones right after sale? Also what happens to any deposits that tennants may have given to the current landlord-do I have to come up with the money to refund them when they move?
Any lessee will lose their position and a third party bidder at the sale will not be responsible for any rent deposit rent refunds ect. However eviction at your expense may be in line after the sale, check the final judgment for language that references eviction/possession after the sale, sometimes it will be included in the sale order. [ Edited by rickomarsh on Date 01/05/2004 ]