Q: I am concerned that I am signing a lease agreement on a house that is going to go into foreclosure .
I’ve been offered a lease agreement at a very low rate considering the property. It does have cosmetic issues, and is in need of quite a few repairs, but overall in decent shape.
I’ve verified that the person that I am dealing with is in fact the owner of the home already, so I do not believe it’s a scam. My concern is that they may be renting it to me for very little because they intend on foreclosure ( it’s happened to me before). I’m not sure what my rights would be if it does for clothes. Could I be evicted? Or if I have a one year lease agreement, would they have to honor it?
A: You have rights under the Protecting Tenants at Foreclosure Act. In the event the house you are renting is foreclosed upon, you have a right to a minimum of 90 days notice before your lease can be terminated. And if the buyer is a business or other entity that has no plans to use the home as a personal residence, you may be able to stay for the balance of your lease.
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