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  1. #1
    Join Date
    Apr 2007
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    4

    Question Rental Property in Foreclosure

    I live in Missouri and I entered into a 6 month lease March 1, 2007. Today, a man came to my door to tell me that my property had been foreclosed on. (The man was looking for my landlords.) He explained to me that the property has already been foreclosed and I will need to be out soon. Can you tell me what to expect from all this. Should I receive my security deposit back from my landlord? Is there a certain timeframe they have to give me before they can make me leave? Please help with any knowledge you can give me. I am so lost right now. Thank you in advance.

  2. #2
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    Default Re: Rental Property in Foreclosure

    Stop paying rent to your landlord. The lease is no longer operative. You should talk to the current owner about how long they might give you to move out, or if they will honor the balance of your lease. If you stay against their wishes they can initiate an eviction action, but it's usually better for everybody if you work something out.

    Unfortunately, given that the landlord's financial position is such that the house was repossessed, I suspect that you'll have difficulty getting your security deposit back, but yes, you should get it back.

  3. #3
    Join Date
    Apr 2007
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    4

    Post Re: Rental Property in Foreclosure

    Quote Quoting Mr. Knowitall
    View Post
    You should talk to the current owner about how long they might give you to move out, or if they will honor the balance of your lease.
    The man that came yesterday to represent the lender told me that he would try to get me at least 2 weeks notice to vacate. I was curious to know if there was a certain timeframe I should be allowed, or if they can require immediate removal.

    Plus, I already paid April's rent to my landlord, if I have to leave before the end of the month, should I expect them to prorate and refund a portion of my rent too?

  4. #4
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    Default Re: Rental Property in Foreclosure

    Your lease ended when the foreclosure became effective. You can try to get rent back from your landlord, along with the damage deposit, but... as I previously suggested, it may be like trying to get blood from a stone.

    If you stay in the premises against the new owner's wishes, they can seek to evict you. They can give you immediate notice to vacate. (You can find Missouri's unlawful detainer statutes here.)

  5. #5
    Join Date
    Apr 2007
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    Default Re: Rental Property in Foreclosure

    Okay, now tell me if I screwed up or took the proper actions. I called the county today and found out that the foreclosure was 3/15/07. So I stopped payment on the rent check I had already sent for April's payment. I am sure the check was already deposited into the "landlords" account, but it hadn't cleared mine yet. Will they have any grounds to come after me for those funds now?

  6. #6
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    Default Re: Rental Property in Foreclosure

    The landlord has no claim to additional rent after foreclosure, as the foreclosure terminates both the landlord's interest in the property and the lease (and tenancy) itself.

  7. #7
    Join Date
    Apr 2007
    Posts
    4

    Post Re: Rental Property in Foreclosure

    Thank you for all your information. I will let you know how this all turns out.

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