apartment building foreclosure! renters rights?

nothing is certain yet, but it seems our building could go into foreclosure. this week we got 5 letters (each of 6 apartments got 5 letters each) full of legal nonsense of which the word foreclosure stood out. today our landlord put a note on our door telling us they were "working with the lender to modify the terms of the loan" and that we should basically pay our rent as usual. we've been looking to move for awhile so maybe this will push us. I know I should do my own research but thought I'd see if anyone had experience and knew of renters rights in these situations.

i've had a shit week, sorry if i've been rude to anyone.

i need a lawyer LOL

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Well they probably have to uphold your lease until its over or find you other housing at their expense. If your month to month, you might get the shaft.

Being an apartment your probably fine. I would hope a bank wouldn't be stupid enough to evict all the tenets and let it sit empty. About the worst I could see is management being unable to pay for repairs and maintenance.

If you get turfed out abruptly, without due notice, still owed some bond, etc etc, then you are probably entitled to some money from your landlord who clearly has no money...

in other words, just start looking for a new place... and maybe don't fret too much about paying the rent where you are...

  On 7/31/2009 at 1:28 AM, Drahken said:

Well they probably have to uphold your lease until its over or find you other housing at their expense. If your month to month, you might get the shaft.

 

Being an apartment your probably fine. I would hope a bank wouldn't be stupid enough to evict all the tenets and let it sit empty. About the worst I could see is management being unable to pay for repairs and maintenance.

yeah we're month to month now.

the only reason i could see to evict all tenants is hat they could raise the rent ALOT higher. some people been here along time so their rents are 500-600$ less than ours. and if they rented them now they'd get 400-500 more than we pay. would fill up quick too probably.

lol they never did any repairs anyway.

it'd be good riddance but if we move its gonna be more expensive even for the same shit level place.

  On 7/31/2009 at 1:31 AM, analogue wings said:

If you get turfed out abruptly, without due notice, still owed some bond, etc etc, then you are probably entitled to some money from your landlord who clearly has no money...

 

 

in other words, just start looking for a new place... and maybe don't fret too much about paying the rent where you are...

yeh they couldnt afford to take us to court for unpaid rent!!

moving hmm i'm thinking maybe west portal... somewhere local but a little more sunny days please

I like living out in the sticks. Gives me exercise when I have to bike downtown.

  On 7/31/2009 at 1:28 AM, Drahken said:

Being an apartment your probably fine. I would hope a bank wouldn't be stupid enough to evict all the tenets and let it sit empty. About the worst I could see is management being unable to pay for repairs and maintenance.

I dunno. Here in Boston, Bank of America acquired an apartment complex in a poor part of town after the landlord failed to live up to some financial obligation, so they evicted everyone, despite the fact that they were all willing to and capable of continuing to pay their rent.

The point is, banks don't necessarily give a shit about people if the business prospects are going to benefit them. Especially Bank of America. Especially them.

I've heard you're basically fucked if you're renting and they foreclose on the owner. The banks have no responsibility to you.

*doom*

*gloom*