Signed one year lease now property is in foreclosure

[sadinsandiego]

On June 1 of 2006, my husband and I signed a one year residential lease on a condo in San Diego, California. The agent for our landlord called and told us the property is in foreclosure (60 days). She said they would like to list the property and try to sell it? She wants to start showing the condo in 6 days. What are our rights? If we keep paying our full rental amount every month, we won't be able to save enough money to move to a new rental. Should our rent be now paid to the Mortgage holder? If the condo sells, what are our rights? If the condo is foreclosed upon, what are our rights?

[panther10758]

I am currenlty in a somewhat simlar situatuon here in Ca as well. We have been renting this home for approx 18 mos when owner decided she wants to sell. Now from what I have been told ne wowner (if home was sold) is obligated to follow our lease. Now they (current owners) did make an offer to us if we moved early but that offer did not meet our requirements. There fore we have opted to stay until leas expires in march. Now from what I have been told new owners must honor your lease. So you should be fine until lease expires. I DO NOT recommend you no tpay rent or take any action similar. Yes you may have to move when lease expires but with holding rent in not a smart move to prepare for move. You continue to pay rent to person(s) you know to be landlord. I would instruct this agent your intentions so if monies need to go elsewhere he/she can advise you (in writing) at this point EVERYTHING you agree or disagree on should and must be in writing! Perhaps Agent is willing to give you funds to move before lease expires but be sure of the wording like I was. Once you agree to anything get it in writing. To my understanding you are safe until leas eexpires unless you and current owner old or new agree in writing that lease is being broken with both parties consent.

[Mr. Knowitall]

If the property is sold, the tenancy should continue to run with the land. Foreclosure would end the tenancy.