foreclosure, cash for keys, honoring previous lease...

[James Barker]

Hello. I am a tenant in a house that has been foreclosed on while I was paying rent, $1300 / mo, lease isn't up until February but a new owner has the property, and hired a management company. They notified me by letter on the door, to contact them within 7 days, and said my options were 1) show previous lease and sign a new lease with them, or 2) vacate as soon as possible to avoid eviction. I am confused. What are truly the renter's rights in the situation. I've heard 60-90 days rent free is possible, I've heard of cash for keys, how does all this work from the tenant's end. Hoping someone will be generous enough to help me from the tenant side of things, and not just blow me off because I am a tenant (the enemy lol). I have to contact the new management company in 2 more days, and I want to fully understand my rights before they blast me with pressure. Please help. Thank you!

[Jon Holdman]

The old lease is NOT null and void because of the foreclosure. That's explicitly covered by the "Protecting Tenants at Foreclosure Act". Your lease is still valid and still in effect. Here's a summary, with a link to the actual text.

You don't have any free months. If you don't pay your rent the new landlord will evict you.