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What Happens When a Landlord is in Foreclosure ?
Our Tampa eviction attorneys, Tampa business attorneys, Tampa real estate attorneys, Tampa lease lawyers, and Tampa contract lawyers advise landlords that a tenant must continue to timely pay its periodic rental obligations, despite the fact its landlord is in foreclosure.
If a foreclosure sale occurs and a certificate of title is issued to a new owner of the subject property, the tenant is protected by the terms of its existing written lease up to at least ninety days, provided the tenant abides by its terms
Tenants often believe that since their landlord is not paying their mortgage, they as tenants should not have to pay their rent. This, unfortunately, is not true.
The landlord owns the property until a certificate of title is issued after a foreclosure auction, which could take several years after the initial foreclosure lawsuit if filed (and normally served on the tenant).
Even while a foreclosure action is pending, the landlord has the right to file an eviction action against a tenant that is not timely paying its rent, even if the landlord is not timely making its mortgage payments.
If you are in need of a Tampa eviction attorney, Tampa business attorney, Tampa lease lawyer, Tampa contract lawyer or Tampa real estate attorney to review, negotiate or prepare your contract or handle your business, real estate or commercial transaction, please feel free to contact us at any time.