Know your rights if rental house becomes foreclosure

As a property management company, tenants often express the concern of the home they are renting going into foreclosure.

Although we hope this never happens to any tenant, it can and does happen.

First and foremost, if you are provided a trustee’s sale notice, contact your manager or owner immediately.

If the property manager has not contacted you yet, he or she may not even know the foreclosure has happened. The owner may not be aware of a pending foreclosure.

The owner also may be willing to work with you on moving out of the home, getting deposits back at the time of foreclosure or additional options.

However, even though the owner is not paying the mortgage, the tenant still is legally required to pay rent per the lease.

If you stop paying your rent without a written agreement to do so, you can be evicted.