Tenants Right In Forclosure
When a bank forcloses on a property that has a tenant with a lease, what the tenants position is and how long they have to move out? Can they just show up one day and say you need to be out in 24 hours?
Thanks
Ron
Depends on your states laws. In mine, I have to send a 30 day notice (from date of sale)
Thanks for the reply.
You have a 30 Day Notice from what? The tenants in this case have not been notified or even told the property was in Forclosure. They had heard it from a neighbor so i am guessing that the Landlord is holding off from telling them at all. Will the bank come to the house and at least post it to give them some time to move out? They are trying to plan when they should move, they have paid there rent up for a couple months.
Thanks again
Right you are Sham:
What happens is this: After a homeowner gets 3 months behind, the lender will have an employee or contractor conduct a drive-by inspection of the property.
Now, through my loss mitigation business, we have been able to receive lists of homeowners from the lenders - our problem was that we could not approach the homeowner and any leaking of this information is a "clear" violation of the privacy act.
That having been said, we decided to forego this great lead opportunity for the sake of staying out of prison.
I hope this helps a bit.
C-
reminds me of some little company called Enron, and some gal named Martha