Yours is not an uncommon situation, so common in fact the Federal Government passed a law in May 2009 to protect tenants. "Protecting Tenants at Foreclosure Act of 2009" You can research the full benefits to you on line. This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out.
As a broker, I have represented over 200 banks. All they want is the tenant to move out, leave the property in decent condition and sell the property as quickly as they can. In these representations, the longest period it took to evict an uncooperative occupant was two and a half years. They moved back in two times. Cash for keys is a popular way for lenders to speed the process, save legal fees and get the property quickly and in decent condition. Cash for key is typically a minimum of 500. As a general guideline, expect 1-2 times your rental payment. The most I have ever offered was $5000, which the resident turned down. At a broker meeting the question was asked what the most offered was, and in a state with long delays and high prices, the highest amount was $50,000.
Most attorneys will not take your case, because you cannot afford the fees, and the cost relative to the benefit they could get for you does not justify the time and effort. Your best bet is to work with the lender, research your rights. Judges that hear eviction cases have tended to favor the tenant and even when the Landlord has an immediate valid right to possession of the property, a sorry story from the tenant will sometimes get them 10, 15, 30 days to move.
When you find a new place, and there are plenty to choose from, check the public record and make sure the landlord does not owe more than the house is worth. Keep your spirits high, this may be good news for you and your family.
RE/MAX Greater Atlanta
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
2050 Roswell Road
Marietta GA 30062
If you have a lease, I would recommend contacting Atlanta Legal Aid and asking if you can be forced out regardless of whether property is going to auction or not. You may have a legal ground for staying put for the remainder of your lease.
REALTORÂ® Keller Williams Realty Atlanta Partners