<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by loveldy37:
Our landlord has allowed his rental house (in which we live) to go into foreclosure. He has never notified us about this. We found out when the mortgage company left a notice on our door. There is no written rental agreement. We were thinking about buying the house until we realized the house is a money pit. We just had someone come to our house today and said that once a house is sold at auction (and this one will be on 8/31/00), 3 days later the locks on the doors will be changed. Do we have any rights? Don't the new owners have to give us the tenants a 30 days notice? What can we do, if anything?
<HR></BLOCKQUOTE>
Contact the mortgage company or their attorney to see if a commissioner was appointed. The court appointed commissioner would act as sort of the "landlord" to collect rent, manage the property and sell it. In most cases when a property is sold the new owner must honor the tenants lease. In a foreclosure sale situation, the commissioner has the power to cancel, modify or extend the lease regardless if fixed or m/m. Depending on State laws, in most cases the commissioner is exempt from following the L/T laws. Normally when a court foreclosure sale auction is completed, it takes anywhere from 30-60 days for the court to confirm the sale. This is known as Court Confirmation. Then closing usually occurs within 30-45 days thereafter. Talk to the commissioner to see if you can negotiate to stay a litle longer say up to the Court Confirmation date. You have to eventually move out prior to closing because the commissioner by law must deliver the property free and clear to the new Buyer. Work out a deal to have the property available for open houses.
