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Inquirying M…, Other/Just Looking in Bronx, NY

when the property that you are living in is taken over by the bank what happens to tenants that are occupying apartments?

Asked by Inquirying Mind, Bronx, NY Tue Jan 4, 2011

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Justin Ruzicka (239) 699-0517’s answer
The lender will send a representative to the property, generally speaking it is the Realtor who will be listing the property for sale. This realtor's first job is to determine occupancy to the home, in which case they will knock on door, leave card with attached letter asking tenant to contact them. At anyrate the lender and it's representatives have to follow the laws for eviction, even though they don't have the "Signed" lease or anything. Since they lender has to follow the law, which generally takes more time, more money, and more attorneys they offer Cash for Keys. Tenant gets a check if they agree to move out sooner. When I do it, I give tenants 10 days and on the 10th day I bring the certified check from lender and tenant is happy as can be. Now I have also heard that lenders are now working with tenants and renting the property back to them, assuming property is in good condition and tenant can afford rent. Generally speaking the tenants don't "lose" to much in the process...of course besides having to move.
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2 votes Thank Flag Link Tue Jan 4, 2011
If the property is more than 4 units the courts will appoint someone to manage the property. If the property is 4 units or less the bank will appoint a property manager to manage the property. This may lead to an eviction proceedings if the bank's representative fails to contact all tenants or if the tenant cannot prove that they were making rent payments to the previous owner. To receive additional information about the rights of tenants living in foreclosed homes you can click the link here, http://www.foreclosurecourt.org/TenantRightsInForeclosure.html
0 votes Thank Flag Link Wed Apr 6, 2011
For any legal rights, consult with an attorney who specializes in real estate, most professionals do offer a free consultation--also see link
http://www.nlihc.org/doc/701-704-Public-Law-111-22.pdf
0 votes Thank Flag Link Wed Jan 5, 2011
The bank must.
comply with the Federal Tenant Protection Act of 2009. Google search that to get an accurate answer to your question.
0 votes Thank Flag Link Tue Jan 4, 2011
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