Q: A year ago, my family and I leased a home for two years. We questioned the owner closely about whether he expected to encounter problems with his mortgage, and he assured us that he had favorable terms and no problems. We chose schools and a particular family car based on our assurance that we'd be in this house, near good schools and convenient public transport, for two years. Now, we've learned that the property has been foreclosed, and we've been advised that we must leave in 30 days. This is causing all sorts of upheaval and distress. Do we have any recourse? --Stacy W. A: In most states, when a landlord defaults on a mortgage that was recorded before the tenant's lease was signed, the owner's default and subsequent foreclosure will wipe out the lease. Since most leases are for a year or two, and many mortgages pre-date those leases, most tenants get shafted when the owners default. Lucky are the tenants in New Hampshire, Massachusetts, New Jersey, the District of ...
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