Belt Auction

Anyone know about renters rights in result of a home forclosure?

My husband and I are renting a townhome from a realty company. We have been here for 5 months and signed a 1 year lease. We were recently informed that the owner (investor) which we have never met defaulted on the loan and the home is being forclosed on. The rental company told us we could move into another townhome. I'm irritated because now we have to move, even though we have paid our rent. Should the rental company pay for the expenses for us to move? We have inquired about purchasing the home at auction and were told we must pay the closing costs. We don't have that type of cash and just wanted to add it into the loan but were told by the broker that we cannot do that in a forclosure. I just wanted input because we are not experienced with this. Thank you.

Public Comments

1. Your beef is not with the rental company but with the owner. About all you could do is sue the owner for breaking the lease. You would have to read your lease to see if there are penalties listed for breaking the lease.
2. there are many banks and lenders that will include the closing costs as part of the loan, providing your credit is good. you have the right to sue the owner for breach of contract, but since they are probably going bankrupt, you could never collect.
3. You have zero rights. You can be forced out in a matter of days. Your lease was with the guy who no longer owns the property. The rental property is going above and beyond by trying to help you find another townhome to rent, but they merely represented the seller...so you cannot expect them to help you move.