If my landlord is going bankrupt and losing my home, can the bank evict me?
My mother is currently renting a home, and has been renting this home for a long while (Upwards of 10 years). She recently got a letter from her landlord stating that he is quite sure he will lose the house to the bank in the bankruptcy he is going through. He is not sure if she will be evicted, if they will just sell it to someone else and still let her live there while selling it, or of any other details that would benefit my mother greatly. The bank is a subsidy of Wells Fargo. I would like to know that, if her landlord loses her house, will the bank evict her after this month is past (She has paid rent for this month, and it is due again on the 1st of May), or will they continue to let her live there? If they do evict her, how long of a warning would she get before she has to vacate? She is interested in moving to an apartment complex, because her rent is 0 a month, and she is living off of social security payments right now with my two sisters, who are 15. She wants a lower rent, and the house she lives in is quite old and very out of date (1970s style throughout the house). I am afraid if the home is sold her rent will go up because of a re-assessment of the property value. What should I know about this situation that I can use to make sure my mother does not get evicted with only 24 hours of a notice?
No, they will not evict her unless she does not pay rent.
She has 90 days to pay the bank rent while she looks for a new place to move. If she doesn’t move within 90 days they will in fact evict her, which will make finding other housing very difficult.
They will not allow her to reside in the house longer, they need her to vacate so they can sell the house. Banks will not sell with sitting tenants, they wit until they are vacant.
April 14th, 2010 at 9:49 pmProtecting Tenants at Foreclosure Act of 2009
Tenants must be given at least 90 days notice; tenants with leases must be permitted to remain until the end of the lease, except that a lease can be terminated with 90 days notice by a purchaser who intends to occupy the property.
http://www.tenantstogether.org/article.php?id=723
http://www.hacla.org/en/rel/472/
http://consumer-rights.suite101.com/article.cfm/tenant_rights_when_a_home_is_in_foreclosure
April 14th, 2010 at 9:49 pm