Tenants Rights When Homeowner Foreclosed

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Tenants Rights When Homeowner Foreclosed


Apartment Listing  

Every tenant has his or her own rights no matter what the conditions are. The home might be owned privately, by a mortgage lender or a bank, it does not matter. When a tenant signs an agreement or a rental contract, the contract exists between the owner of the property and the tenant in person. The owner of the property can be a landlord, bank, mortgage company or a financing organization but the contract still exists and is legally binding.

If the landlord disappears and if you are faced with foreclosure as a tenant, there is nothing to be worried about. You may have to vacate soon. However, whoever has taken up the responsibility of foreclosure also has the responsibility to honor the contract. In case they fail to do so, you have the right to pursue them legally as a tenant.

You have the right to be notified about the impending foreclosure and also be allowed time to look for a new place as per the rental contract. You have the right where all your dues need to be cleared including the amount that you may have paid as an advance or you may be allowed to adjust the same amount as a monthly rent. You are not liable to pay the rental amount to the bank unless the person who signed on the contract authorizes you to do so. However, if the bank establishes that the rental amount needs to be transferred as compensation, then you could consider paying them.

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Tenants Rights When Homeowner Foreclosed

 
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What-Does-Tenants-In-Common-Mean-In-Real-Estate      Tenants in common means a common type of arrangement where a joint ownership of property is established between two parties and each of the owners has full rights to sell the portion of the property that belongs to them individually. Tenants in common arrangement is not much different from joint ownership or partnership. However, there is some subtle form of difference between the two. More..



 
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Tenants Rights When Homeowner Foreclosed