landlord is processing Deed in Lieu of foreclosure and we have 9 months on lease

[MCL-ABFL]

What is the name of your state?

Florida, Hillsborough County

Our landlord just informed us that he is in financial trouble and is doing a deed in lieu of foreclosure. He was hooked up with a real estate agent who talked him into buying more investment properties than he could handle, (6 total) and when the market crashed he couldn't sell anything or even rent them out other than the house we are renting from him.

He has already let the most expensive condo go and the other vacant houses are next.

He has been a friend and we have been excellent tenants. He has offered to tender a letter of reference, cover moving expenses and even cover the difference in current rent over the future rental costs.

Countrywide has informed him that the process will take 4-6 weeks and after that, we will have 10 calendar days to vacate. We just signed a second lease in April for a period of 12 months.

I have searched the internet for landlord-tenant issues and cannot find anything related to this situation but a friend has told me that he believes that we have the remainder of the lease or 6 months to vacate once the sale has been completed and recorded.

Please advise us of the the laws regarding this situation.

Thank-you

[nextwife]

If you really like the house, and like living there, why not contact the lender and see if you can negotiate a purchase of the house? They may be happy to work with you and thereby save the cost and trouble of evicting.

[LindaP777]

Originally Posted by MCL-ABFL

but a friend has told me that he believes that we have the remainder of the lease or 6 months to vacate once the sale has been completed and recorded.

Your friend is wrong. Once the house is sold at a sheriff's sale, the new owners will file a writ of possession and you will have 3-5 days to get out.

BUT . . . at sheriff sales, if the house is bought back by the bank who holds the mortgage (very good chance of this happening), you may have more time and the bank will usually offer you money to leave. If a private investor buys it, you might be able to rent it from them.

See if you qualify for a loan and be prepared to buy it yourself at the sheriff's sale. Buying is cheaper then renting.

[FlyingRon]

A deed in lieu is NOT a foreclosure, it's just a sale. It does not have ANY affect on the lease.

If there were an actual foreclosure, then the lease would be terminated and depending on whatever the local laws are, you will be forced out based on whatever the local laws are.

[nextwife]

Betcha the owner did nott disclose the 12 mos lease, or the lender would never have agreed to a Deed in Lieu.