Renters rights after foreclosure of a house
It is not a rare situation: you rent a house from someone and the bank forecloses on the house. The owner of the house does not contact you and you receive a letter evicting you from the property...in a week. This story doesn't sound fair at all, right? Unfortunately this exact situation is happening to renters all over the world. What about renters' rights? If you are a renter, you need to know your rights in case this situation happens to you and you find yourself nearly homeless. In these situations, renters' rights are truly scarce. A renter is lucky if he or she is even aware that the property is under new ownership. In some cases, renters continue to pay the person who no longer owns the home due to ignorance, when really a bank owns the property. This in itself can be difficult because there is no one to perform maintenance on the house when it is needed. On top of this, a renter usually loses all rights to the property that were written up in the lease, as the lease is no longer in effect. Luckily, renters do have some rights and are able to file a lawsuit against the previous owner, especially if the owner still accepted payment from the renter following the foreclosure. When a renter signs a lease, a landlord agrees to allow the paying tenant to remain in the property until the lease has officially ended. If the house is foreclosed upon, and the renter loses their rights to the property, they do have the right to bring up the issue in small claims court. You see, technically the agreement was not upheld and though the house was foreclosed on, the landlord is still required to hold to their end of the deal. By allowing the house to be foreclosed on, the landlord has violated the renters' right as a tenant and can be sued. It is likely that a renter will win this lawsuit in small claims court. These types of situations are not uncommon at all and the judge has probably heard the same type of case countless times. It should not take much for a renter to eventually receive the owed money for failure to comply with the lease. I, personally, believe it is worth the time of the tenant to take these faulty landlords to court. It is not a renters fault that renters' rights are not very well protected and a renter should use the rights that they do have to get what they deserve in what can be a terrible and unfair situation.
Now the banks also want to recover their investments. It is no secret that banks cannot get rid of foreclosure houses fast enough and that dealing with an actual real estate attorney would force them to be honest throughout the process of selling the foreclosure house to you. This century 21 house foreclosures company has sales associates in the 45 countries. This makes it easy for you to book profit. Legally, there is not much you can do because when you cosign, you sign a contract to take care of any funds not taken care of by the original signer.
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