My Apartment Owner Failed To Make Mortgage Payments And The Property Has Been Foreclosed, What Will Happen?

A tenant who remains on rental property after the owner, who is his landlord, has been foreclosed upon becomes a tenant at sufferance. The lease between the tenant and the original owner/landlord is terminable by the purchaser. If the purchaser wants the tenants to vacate, he must first demand possession of the property and, if refused, file a dispossessory warrant. The purchaser can choose to become a landlord, either by offering a new lease or accepting payment under the prior agreement. A purchaser at foreclosure who accepts rent from existing tenants has entered into a tenancy­at­will which can be terminated with sixty (60) days notice and which the tenant can terminate with thirty (30) days notice. A tenant residing in a foreclosed upon property should attempt to contact the new owner or the attorney handling the foreclosure to ascertain if their tenancy will continue. If a tenant does not receive assurances of continued tenancy from the foreclosure attorney or the purchaser, the tenant may argue that the lease was terminated by the foreclosure.

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