What If I’m Renting From a Guy in Foreclosure?

Reader Question:

Here’s a question that I bet a lot of people might be dealing with… and I know I don’t live in Mt. Pleasant, but I do live downtown and I found your site and though I would ask anyway.

The condo that I’m renting is in foreclosure and the owner just posted a three day notice on my door. Is that allowed?

- Benjamin Charleston, SC

Answer:

Hi Benjamin… sorry I can’t help you if you don’t live in Mt. Pleasant.

Just Kidding!

That is actually a really great question and unfortunately you are not really going to like the answer. When the foreclosure sale takes place, you will have to move because the property is no longer the owners… and all leases and agreements are void.

I don’t know for sure and you will have to check on this, but if you find the new buyer… even if it’s a bank, you still might be able to rent it out. I doubt it though because a bank probably can’t collect rent and make income like that.

I bet a lot of people are going through situations like this and I hope the whole real estate situation in the country gets better real soon.

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Tagged as: Mt. Pleasant Condos, renting condos