Friday, February 19, 2010

Your landlord got foreclosed. Do you have to go?

ADAMS COUNTY, CO - FEBRUARY 02:  An eviction t...Image by Getty Images via Daylife

Very interesting and many are going through this right now. Know your rights. Be sure to read this entire article if you are going through this.
clipped from money.cnn.com
sandra_pearson.top.jpg

NEW YORK (CNNMoney.com) -- Renting a home that is going through foreclosure? If so, don't be fooled: Lenders can't kick you out; they have to honor the terms of your lease.

Of course, that doesn't mean that some lenders' representatives aren't trying to scare people away.

Sandra Pearson has lived in her rented townhouse in Santa Maria, Calif., since July 2007. But last October, the single mom -- whose 17-year-old son suffers from epilepsy and autism -- was served with a vacate notice.

But in December, First Federal failed, and OneWest Bank took over its assets -- including the Santa Maria townhouse. When Pearson went to pay her rent, the agency managing the property for OneWest refused to accept the check. They threatened her with court action and claimed her lease was not legitimate.

Worse, the message threatens legal costs if tenants don't comply. With that facing them, many fold their tents.

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