So i'm currently renting, and upon arriving back home (from a family outing) found a copy of the court summons to the owner of the property taped to the front of the door. Seems as if this property is in the process of getting foreclosed upon, and after doing a quick search found that there is a lien against it. Going to speak with a lawyer about it on Monday to figure out what our rights are as tenants (we've been good tenants for the past 3 years). Would be interested in seeing if this could be an unforeseen deal in the making... Anyone have any experience with this type of thing? Any help is much appreciated.
Maybe start with a conversation with the owner. Good opportunity to buy subject to existing mortgage and you catch up the payments.
Assuming the foreclosure occurs, your lease will have to be honored....as per the renewed tenants in foreclosure protection federal act. You can google it up.
Owner is completely MIA, and we are on a month-to-month lease.