Cash for keys is just ridiculous. I cannot believe agents are suggesting to tenants to do that. The only thing a tenant is going to get by doing that is the Sheriff knocking on his door and telling him that he needs to leave immediately (after a short eviction process of course) and an eviction on his record which is going to make it almost impossible to find a new place to rent - and if one can be found expect to pay a hefty premium every month and a hefty security deposit.
Do not try to extort the new owner (for cash for keys), just pay your rent on time and if the new owner asks you to vacate do so at the end of your term. If you are lucky the new owner may give you a new lease. Just be nice and fair and things will work out for you.
Residential Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
I looked under Public Law 111-22 and found no evidence as you presented. Of course it's a huge file so maybe I missed it?
I went to FDIC.gov as they had this simple explanation:
Under the Protecting Tenants at Foreclosure Act:
All tenants must receive a 90-day notice before being evicted as the result of a foreclosure.
With some exceptions, the law requires that in the event of foreclosure, existing leases for renters are honored to the end of the term of their lease.
The stated exceptions are for tenants without a lease, tenants with a lease terminable at will under state law, or where the owner acquiring the property will occupy it as a primary residence. In these cases, the tenants must receive a minimum of 90 days notice to vacate the property.
This law does not affect the requirements of any state or local law that provides longer time periods or other additional protections for tenants.
The new law does not require any agency to issue implementing regulations; these protections apply to foreclosures after May 20, 2009.
FDIC examiners will monitor and enforce compliance with the requirements of this law in the same manner as other consumer protection laws and regulations.
Paragraph #2 spells it out under "tenants with a lease terminable at will..." as an exception.
I've been to court many times under exceptions to the rule. Attorneys and Judges stand with what I presented in the first response I gave.
The bottom line here is that you know what is heading in your direction....start making plans now to identify another place of residence. Waiting will only contribute to additional problems.
For more information, here is the Arizona Landlord Tenant bill of rights: https://www.azag.gov/sites/default/files/sites/all/docs/civi
Jeffrey Masich, Realtor, GRI, MBA
Under this Act â€“ Public Law No: 111-22 (S. 896E) (Enacted: May 20,2009) â€“ a new property owner cannot evict a month-to-month tenant for 90 days. When there is a lease in effect the new owner cannot evict until the tenantâ€™s lease ends. With one exception, when the new property owner is going to use the rental property as his or her primary residence, in this case the new owner must give the tenant 90 days notice. For more information, Google Public Law 111-22. If you have further questions, you should consult a Real Estate attorney.
Hope this helps.
Now if you had a valid lease (arms length transaction, within 20% of fair market rental rates and a term greater than month-to-month), the new owner may offer a cash settlement to break your lease. Or he may like the terms of your lease and keep you there. Communication and everybody getting along goes a long way!
Any deposits you may have with the former owner will be between you and that party.
For the state of Arizona the bank must notify the owner that they are foreclosing on the property and a sign must be posted.
If you're paying month to month then the new owner whom ever that is will probable give you what's called cash for keys to remove yourself from the property within 30 days.
Have you gotten your deposits back from the owner or do they still have them?
I would suggest you contact an attorney or the state you are currently in to find out what your rights are.
Best of luck to you.
Keller Williams Sonoran Living