Barbie, Home Buyer in

Can we get out of a lease with 30 days notice if the home is being foreclosed on & we were advised to move?

Asked by Barbie, Wed Aug 27, 2008

We are currently in a lease for a home that is being foreclosed on. We were advised by our property manager and her broker to find a new place to live. We did that (not through them b/c we don't trust them) and are closing on a home in September. Will we be able to get out of our lease without any negative impacts or judgements made against us? We are giving them 30 days notice.

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Every lease should have a "escape clause" or other provisions for early termination of a lease. Usually, the security deposit is forfieted in the event of tenant default. Some landlords pursue tenant defaults with a vengeance. Most landlords just keep oving on- perhaps you could find someone to sublease and cover the term of your contract.
1 vote Thank Flag Link Wed Aug 27, 2008
This is a question for a Real Estate Attorney to answer. Call the county to see if they have a legal help line
or other assistance.
Hope this helps,
Brooke O'Malley
Real Estate Broker
Mortgage Broker
1 vote Thank Flag Link Wed Aug 27, 2008
foreclosure the lender will have to give you a 60 days notice to move that was sign into law.
0 votes Thank Flag Link Wed Aug 27, 2008
Hi Barbie:

If your property management company is advising you to move because of the impending foreclosure, they shouldn't have a problem putting that in writing. I would ask them to draw up a document that clearly states they are releasing you from the lease with no penalities and no forfeiture of any deposits they might be holding on your behalf. It sounds like the only reason you are moving is because of the foreclosure and that is a problem you did not cause. I can't see why or how they could hold you to the lease, however, if they don't want to provide you a release, you should seek legal advice.

Best of luck,

Kathy Phillips
Coldwell Banker Residential Real Estate
0 votes Thank Flag Link Wed Aug 27, 2008

We agree with on the safe side and consult an attorney since the things that appear to be obvious .......are not.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Wed Aug 27, 2008
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