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HELP! MY LANDLORD HAS BEEN FORECLOSED ON


jasonwb

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I am in the middle of my 7th month of a 12 month lease and i received a letter that the property has been foreclosed on and i have 30 days to be out. i understand that the bank owns the property now and it is their decision if they want to honor the lease. my question is, what legal action can i take on the previous owner for breaking the lease, for my moving troubles, and also getting my security deposit back which is december's rent.

Any advice or referrals to who to talk to is greatly appreciated!

Thanks in advance.

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Taking legal action against the owner isn't going to help if he has no money. I got lucky years ago when a duplex I lived in was foreclosed on. HUD took it over, told us to leave and after much begging and letter writing we convinced them to let us stay. We paid no rent and we had to take care of repairs ourselves. There were 4 units and no doubt they were easier to sell occupied. The money I saved not paying rent was used to buy a house so I would never have to be in that situation again. If you want to stay, talk to the bank.

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Taking legal action against the owner isn't going to help if he has no money. I got lucky years ago when a duplex I lived in was foreclosed on. HUD took it over, told us to leave and after much begging and letter writing we convinced them to let us stay. We paid no rent and we had to take care of repairs ourselves. There were 4 units and no doubt they were easier to sell occupied. The money I saved not paying rent was used to buy a house so I would never have to be in that situation again. If you want to stay, talk to the bank.

I thought Texas law required the new owners (or the court presumably) to honor the leases of the previous landlord (owner)?

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I thought Texas law required the new owners (or the court presumably) to honor the leases of the previous landlord (owner)?

Under normal circumstances a new owner would be obligated to honor a pre-existing lease, however, foreclosure is an entirely different situation. Foreclosure extinguishes all junior interests (e.g. leases that were signed after the mortgage). Thus you are left with two options. First, you can sue your landlord for breach of contact. Second, you can ask the bank to let you remain on a month to month basis.

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