Minnesota Forclosure question?
November 28, 2009
Kareem H asked:
My girlfriend was served a forclosure notice at the condo she rents. The notice states the sale date as april 4th. Her landlord has never said a word to her about the forclosure and she just moved in october 1st 2007. How long does she have until she has to move out?
My girlfriend was served a forclosure notice at the condo she rents. The notice states the sale date as april 4th. Her landlord has never said a word to her about the forclosure and she just moved in october 1st 2007. How long does she have until she has to move out?
2 Comments
by Noone i on December 1, 2009 at 2:17 am
What you can safely assume is that the landlord is pocketing the lease or rent money and not paying the mortgage, so dont be at all surprised if you are evicted before April 4th.
by Gal in MN on December 1, 2009 at 11:49 am
Depending on what the notice says – you will have at least 6 months from the sale date (some redemption periods are as short as 5 weeks, some run in 6 months, others one year). However, the owner of the property will have until April 4 to negotiate with the lender, find new financing, etc.
The notice that you were served with should tell you the redemption period (possibly paragraph 8 of the notice?). That is when the new owner may choose to start an eviction action –
However if you are a good paying renter, the new owner (now a days in MN, this is usually the bank) may elect to have you stay as the tenant – you may have to re-negotiate the lease.