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People also ask
Do you have to pay rent when a house is in foreclosure?
While the property is in foreclosure proceedings, the rent should still be paid to the owner. However, once the property is owned by the bank or new owner, renters should stop paying rent to the former owner. However, it can be confusing how to pay after the changeover occurs, and they may be in limbo for a while.
Can a tenant be affected by a foreclosure on a property?
The foreclosure of rental property is complicated by the fact that in addition to the borrower and the lender, there is also a tenant that will be affected by the foreclosure. A landlord needs to be aware of the following rights and obligations of tenants living in properties in foreclosure.
Do landlords have to disclose a house is in foreclosure to tenants?
Although state law now requires a landlord to disclose in writing to a prospective tenant if the property to be rented is in foreclosure, landlords do not always comply with the law.
Do you need a lawyer for a rental property foreclosure?
If you have any questions about federal, state, or local laws that apply in the foreclosure of a rental property, consider talking to a landlord-tenant attorney or a foreclosure attorney.