Bankrupt Landlord

[RandyM]

We find ourselves in an odd situation. The landlords from whom we have rented a condo for the last 2 and a half years have declared bankruptcy. According to Florida law, rental/income property is not exempt, unlike our landlord's residence, which is
protected under Homestead law in this state. Our landlords have told us they do not intend to keep the property in which we live, so it will revert to the bank which holds the mortgage. We have a signed lease for the current year with our landlords. We
intend to move out of here ASAP, as we have not been contacted by our landlords, attorneys for anyone involved, the bankruptcy trustee, no one! Since this is now going on 4 full months, we have been in limbo. What I really need to know is, since the landlords declared bankruptcy, can the lein holder on the property, the bank, have any recourse against us if we leave this property? Our current lease, it seems to me, will become null and void when the bankruptcy trustee gives this place back to the bank which holds the mortgage. We have no desire to buy this place. But I do not want to find myself in a situation where I end up being liable for rent due on a lease which no longer (it seems to me) is valid. I'd appreciate any information, thanks!

 

[loudrich]

Your lease is your lease.....

Doesnt matter if the Landlord is bankrupt as long as it is a valid lease you have a legal right to stay untill it ends.

You also have a right ot the return of your security deposit...

So sit tight, no one can evict you untill after the lease has expired...and they may come after you for the rest of the rent if you move out early...

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by RandyM:
We find ourselves in an odd situation. The landlords from whom we have rented a condo for the last 2 and a half years have declared bankruptcy. According to Florida law, rental/income property is not exempt, unlike our landlord's residence, which is
protected under Homestead law in this state. Our landlords have told us they do not intend to keep the property in which we live, so it will revert to the bank which holds the mortgage. We have a signed lease for the current year with our landlords. We
intend to move out of here ASAP, as we have not been contacted by our landlords, attorneys for anyone involved, the bankruptcy trustee, no one! Since this is now going on 4 full months, we have been in limbo. What I really need to know is, since the landlords declared bankruptcy, can the lein holder on the property, the bank, have any recourse against us if we leave this property? Our current lease, it seems to me, will become null and void when the bankruptcy trustee gives this place back to the bank which holds the mortgage. We have no desire to buy this place. But I do not want to find myself in a situation where I end up being liable for rent due on a lease which no longer (it seems to me) is valid. I'd appreciate any information, thanks!<HR></BLOCKQUOTE>