http://www.fn-live.com/what-happens-to-the-leasee-when-the-landlord-files-foreclosure-in-nys.html Loan and Financial Info Mon, 01 Feb 2010 15:06:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.fn-live.com/what-happens-to-the-leasee-when-the-landlord-files-foreclosure-in-nys.html/comment-page-1#comment-2020 Peachy Fri, 03 Jul 2009 20:53:15 +0000 http://www.fn-live.com/what-happens-to-the-leasee-when-the-landlord-files-foreclosure-in-nys.html#comment-2020 If the property is in foreclosure and the bank takes over it is up to the new owners (whoever the bank sells it to) to decide on whether or not to honor the existing lease agreements. most likely the new owners will not honor them since they are going to buy the buildings to make money. they may allow you to stay and give you a new lease with new terms. read your lease, there should be a clause in it about transfer of ownership it should read that the terms of the agreement will terminate upon the transfer. basically, once the foreclosure goes through, your lease will be null and void. If the property is in foreclosure and the bank takes over it is up to the new owners (whoever the bank sells it to) to decide on whether or not to honor the existing lease agreements. most likely the new owners will not honor them since they are going to buy the buildings to make money. they may allow you to stay and give you a new lease with new terms. read your lease, there should be a clause in it about transfer of ownership it should read that the terms of the agreement will terminate upon the transfer. basically, once the foreclosure goes through, your lease will be null and void.

]]> http://www.fn-live.com/what-happens-to-the-leasee-when-the-landlord-files-foreclosure-in-nys.html/comment-page-1#comment-2019 jseah114 Wed, 01 Jul 2009 14:22:08 +0000 http://www.fn-live.com/what-happens-to-the-leasee-when-the-landlord-files-foreclosure-in-nys.html#comment-2019 That depends. Once the foreclosure is completed, your lease becomes nullified since the lease was with the former owner. If the bank sells the property to someone else, then you would need to work it out with the new owner. You would have to sign a new lease with the new owner. At the very least, they cannot kick you out without notice. They would have to give you at least 30 days notice to vacate the property. That depends. Once the foreclosure is completed, your lease becomes nullified since the lease was with the former owner. If the bank sells the property to someone else, then you would need to work it out with the new owner. You would have to sign a new lease with the new owner. At the very least, they cannot kick you out without notice. They would have to give you at least 30 days notice to vacate the property.

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