Legal Advice please

[pash 0]

I'll probably get the "ask a lawyer" instead of "ask your instructor" here but this is my situation...

I am renting a house in Virginia with two other roommates. Our landlord misplaces checks and is basically disorganized.

It has gottent to the point where we now directly deposit our checks in his account so we don't have to worry about whether or not he cashes them and there are no worries about him claiming "not to get them."

Now we found out that the house we're renting is being foreclosed on. There is an auction on Jan 29th. Our lease doesn't end until April 28th of this year.

Anyone want to take a stab at my legal situation and whether or not I'm about to be homeless?

thanks guys,

jason

[cocheese 0]

Buy the place. It might be cheaper than rent.

[pash 0]

Quote

Buy the place. It might be cheaper than rent.

that's one thing I was thinking too. The address for the auction came in the mail as a solicitation by a bankruptcy attorney.

I was thinking of showing up at the courthouse.

thanks,

Jason

[tigra 0]

Disclaimer: I'm not a lawyer and don't know much about Virginia RE law but..................

Generally, a lease is considered an outstanding interest in the property and the new buyer purchases "subject to" that lease. The lease is assigned to the new owner, and the new owner collects the rents but is also bound by the terms of the lease, same as your original landlord. Aside from where you are sending the payments, the terms of the lease should not change. Don't count on the new owners renewing the lease, but you should have at least until the end of the lease before they can legally ask you to leave or jack up your rent so high that you can't afford to stay.

[jimmytavino 16]

yes...
not sure about all states.....
but I believe "a lease survives the sale"