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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » What happens to the renters when the house goes into foreclosure?

What happens to the renters when the house goes into foreclosure?

My friend moved into a rental home a few weeks ago. Today she was out in her front yard and the neighbor told her that the owners are in the process of foreclosure. She was not aware when she signed the lease and also put down a damage deposit.

♦What will happen when the house gets auctioned?

♦What will happen to her damage deposit?
♦Is she S.O.L or what are her rights?

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4 Responses to "What happens to the renters when the house goes into foreclosure?"

  1. Janice 10 says:
    Once the home goes to foreclosure, your friend will have to move out. Your friend can take the home owners to court to get her security deposit back.
  2. andi k says:
    Wow that’s terrible, you can take advice from your local expert
  3. Lisa says:
    They will most likely (Depending what state you are in) offer her ‘cash for keys’ to move IF the bank wins the house back at the auction. Cash for keys is basically when they pay you to move out. If someone else wins the house I do believe they have to give her at least a 30 day eviction notice.

    She will probably not get her security deposit back unless she takes the owners to a small claims court. But if they are losing their house then they probably don’t have the money to pay her security deposit back.

    I hope that helps you out a bit.

  4. ranger_co_1_75 says:
    Effective May, 21, 2009, Federal law requires the existing lease be honored for the remaining time on the lease, plus 90 days. If the tenant is a month to month renter, he has 90 days to find a new home.

    For more details on renters rights during foreclosure, check out this site.

    http://www.msnbc.msn.com/id/30891380/

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