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Questions About Receivership Property

What does it mean, as a tenant, that my landlord’s apartment property is in receivership?

Will they kick everyone out, raise the rent, and other issues

Industry Expert answers:

It means the bank is foreclosing on it. They will put the building up for sale and it’s up to the new owners if rent is raised or if they renew any current leases. In the meantime, I don’t see the bank kicking you out. If you were renting a house, they would make you leave, but being an apartment building, I doubt they do. However, if you don’t meet the new owners requirements, you may be forced out.

The owner of the house I rent lost the property to receievership (forecloser) with the city of Buffalo?

The owner of the house I live in owes the city thousands in fines and, and has several violations against the building. The property has gone into receivership with the city of Buffalo. I have no idea what’s going on. I was told the owner no longer has control of the property. They city has another agency collect our rent, and then that money is to be used to correct violations, etc. I was told the owner cannot evict us. Last week the property owner told me that we are being evicted. I’m trying to find out what the process is like when properties go into receivership. What happens to renters like me when we get caught up in a mess like this?? None of the agencies I’m having to deal with seem to know. Anyone know anything about this?? I don’t feel it’s fair that I be evicted and have that mark against me on my credit when I did nothing.
I don’t think there’s a mortage. The property wasn’t taken by the bank, it was taken by the city. According to the property manager, the owner owes the city 16k. The property has been under receievrship with the city for about a month, so how long until it gets sold/auctioned? I would assume they’d give the owner a resonable amout of time to pay fines, etc. Where could I go to find out details reguarding what’s going on? That type of information is considered public record, isn’t it?

Industry Expert answers:

As far as I know, renters have the first right of refusal. See if you can find out who the mortgage holder of the property is. You may be in a position to buy the property since you live in it.

If not, and the property is sold to an individual, it’s their choice if they want to continue to rent to you by honoring your lease or increasing the rent to drive you out.

I wouldn’t listen to anything the previous owner says. Once the property goes to the sheriff sale, the owner is no longer the owner, he relinquished all rights to the property.

Keep documentation of this situation to present to future landlords, they will be simpathetic since this was a matter beyond your control.

Good luck!

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