I’m on a month to month lease on a home that is going in for foreclosure auction in 2 weeks. I have a 6 month old and I’m quite scared whats going to happen. So below are my questions -
How much of notice time will I get since I’m on a month to month lease?
(My lease agreement states landlord or the tenant can terminate a month to month lease with 14 days written notice prior to the last day of the then current period of tenancy)
Who do I pay the rent after the foreclosure auction?
Should I ask my current owner not to debit the monthly rent after foreclosure. My rent gets automatically debited from my bank account every month.
Having seen all sides of this issue many times I can tell you the foreclosure will take some months to wind down during which time you’ll be able to stay put w/o paying rent.
So I’d say stop the debit immediately and if bank won’t cooperate move your money to another bank and send old bank a certified letter stating they are to stop bank draft now and anything paid will be their money, not yours.
I’ve known situations where foreclosure took 6 months or longer while T was able to stay put.
You should save that unpaid rent in a bank acct so you’ll have deposit for next rental.
I’ve even seen situations where foreclosing bank offered T a nice cash payment to vacate by certain date and leave the place clean.