Foreclosures for rent near me
How Do I Rent a Foreclosure From a Bank?
- 1 Can You Rent-to-Own a Banked-Owned Home?
- 2 Foreclosure & Squatting
- 3 I am Renting a House in Foreclosure. Can I Rent or Buy It From the Bank?
- 4 How Do I Find Out If a House on My Street Is in Foreclosure?
What Foreclosure Means for Renters
If you’re renting a property, it’s likely that your first notice of a pending foreclosure is the foreclosure notice the lender puts up on the property. You can contact your landlord for information, but don’t depend upon its reliability. Landlords in trouble can give misleading information, sometimes collecting rents for properties they no longer own. The foreclosure notice will give you the name of the lender. A good first step if you’re a renter in this situation is to contact the lender to explain that you’re the tenant and (if this is the case) that you’d like to remain the tenant as long as possible. But even lenders sometimes withhold information. Be sure to connect with a tenants’ rights group in your state to get impartial information about your rights.
The Protecting Tenants at Foreclosure Act of 2009
The Protecting Tenants at Foreclosure Act of 2009 gave tenants specific rights under federal law. It provided that tenants in a foreclosed property had the right to remain there until the end of their lease. Tenants renting month to month could remain for a minimum of 90 days from the notice of eviction, an important right that prior to the act did not exist under any state law.
This act expired at the end of 2014, but many of its benefits have been incorporated in state laws enacted in anticipation of its expiration. Note that Section 8 tenants continue to enjoy the same protections offered by the act even though the act itself has expired.
Information Is Your Friend
To find out what your specific rights are in your state, contact a tenants’ rights group – they exist in nearly every state – by making an internet query “[Your State] tenants rights groups.” Also, click on your state in the map provided on the LawHelp.org website to find out what free legal resources are available for tenants in your state. This site gives an abundance of helpful information.
Clicking on “California” on the LawHelp.org website, for example, brings you first to many different legal areas where help is available for California residents. Clicking on “Evictions” brings up a summary of nearly everything you’ll need to know:
- Responsibility for repairs and utility payments
- Various kinds of eviction notices in California
- Your rights in specific leasing and renting situations
- Who to contact if your rights as a tenant are being violated
- Responsibility for rent payments during foreclosure
- Tenants’ rights handbooks for specific municipalities
- Continuing rights you enjoy even if the building is sold to a new owner
- A list of other sources of information and free legal assistance for tenants in dwellings under foreclosure
Renting From the Bank
Often, following an eviction, the lender will put a rental property back on the market. If you’re thinking of renting a foreclosed property, be particularly careful about the terms of your lease. Lenders have a history of imperfect maintenance of these properties; be sure that your lease specifies the lender’s maintenance and repair responsibilities. If possible, get a contact name before signing the lease.