Foreclosure in Limestone>Question Details

Kim Middaugh, Home Buyer in Limestone, NY

I'm a renter at 6384 limestone run, is this the property in foreclosure? I have a son & don't wana b on the street....Kim

Asked by Kim Middaugh, Limestone, NY Thu Aug 21, 2014

Help the community by answering this question:


According to the NY Department of Financial Services "At the start of the foreclosure action, the bank must notify all tenants that the property is the subject of a foreclosure action. " If or when the property goes into foreclosure, NY law protects your rights - as long as you have a current lease agreement. In other words, if you want to stay, then make sure you have a signed lease agreement and continue to pay your rent. The department says, "Tenants residing in units that are not subject to rent control or rent stabilization may retain occupancy either until the end of their lease term or for 90 days after receipt of the notice from the new owner, whichever is greater."

So, do not worry. Once the foreclosure is final, you cannot be evicted unless you violate the lease agreement or it expires.
0 votes Thank Flag Link Thu Aug 21, 2014
First, don't panic. There are legal protections in place for people renting a home when it goes to foreclosure. Find out what those are, try checking with the New York State Department of Community Affairs, they may have some on line resources and advice. You can also check with an attorney. Next, even if the home IS in the pre foreclosure stage, don't panic, your landlord may be attempting to get the mortgage modified.
0 votes Thank Flag Link Thu Aug 21, 2014
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