<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by rubbertoes:
I have a one year lease that expires Feb. 28, 2001. BUT, just the other day I received a packet of legal papers saying that the property I live in had been foreclosed on. They say they are going to start eviction procedings soon. Shouldn't my lease be binding to the new owners even if it is the bank?<HR></BLOCKQUOTE>
Generally it is, but in this case it is not. A foreclosure action changes things because the courts appoint a foreclosure cmmissioner or trustee to sell the property as "owner". The property can not be transferred free and clear to the highest bidder if there are tenants in the property. So the courts give the owner approval to terminate any lease agreement affecting the property.
