Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » What happens to the leasee when the landlord files foreclosure in NYS?

What happens to the leasee when the landlord files foreclosure in NYS?

I own a business and rent an apartment from the same landlord, same property. The lease is for 10 years on the business and another 6 months on the apartment. She is now filing foreclosure. Does the bank take over? Will I come home and find padlocks on my doors? Please only serious answers.

RELATED POSTS:

  1. How does one get an apartment after a foreclosure? My friend is letting her house go to foreclosure & will need to rent an apartment. She is currently only...

  2. What happens after a hoa files foreclosure on the courthouse steps? Our condo has 12 units one in foreclosure and 2 have liens, and 4 others in collections. Hope we stay...

  3. How to get the status/information of my foreclosure? I went out of the country and didn’t get any of the paperwork of my apartment. I stopped paying the...

  4. Do I need to keep paying rent when my landlord is going into a foreclosure? My landlord has not been paying his mortgage in the last 6 month (while i was religiously paying him my...

  5. How hard is it to get an apartment with a foreclosure and ok credit? I need to be out of my house in three months due to foreclosure. I will be within the timeframe...

Written by

Filed under: Foreclosure Help · Tags: , , , ,

2 Responses to "What happens to the leasee when the landlord files foreclosure in NYS?"

  1. jseah114 says:
    That depends. Once the foreclosure is completed, your lease becomes nullified since the lease was with the former owner. If the bank sells the property to someone else, then you would need to work it out with the new owner. You would have to sign a new lease with the new owner. At the very least, they cannot kick you out without notice. They would have to give you at least 30 days notice to vacate the property.
  2. Peachy says:
    If the property is in foreclosure and the bank takes over it is up to the new owners (whoever the bank sells it to) to decide on whether or not to honor the existing lease agreements. most likely the new owners will not honor them since they are going to buy the buildings to make money. they may allow you to stay and give you a new lease with new terms. read your lease, there should be a clause in it about transfer of ownership it should read that the terms of the agreement will terminate upon the transfer. basically, once the foreclosure goes through, your lease will be null and void.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player