Posted on: 20th Sep, 2010 12:38 pm
Do we have to pay rent to the new owners after the home we have been renting is sold in a foreclosure transaction? Who determines what the rent amount is? I understand we now have 90 days until we have to move out but, not sure if we also have to pay rent during this period to the new owners.
If the new owner renews the rental agreement with you, then you will be able to rent the property and pay the rental dues to the new landlord. If the new owner does not want to rent the property, he will inform you about it and give you a time period to leave the property.