A report indicates that Florida is foreclosure hotspots, and points to possible predatory lending as the cause!
What are the legal ramifications? Can you rent a house in foreclosure in Georgia? Do you need to take a qualified legal advice? You definitely need to hire a lawyer that specializes in this area because it not only affects you but your business and there also appears to be some possible fraud on the part of your landlord as well.

Typically once a house is in foreclosure, you need to vacate immediately despite your lease saying otherwise. The lease that you held is now void because the “owner” of the property is now the bank and they didn’t give you the lease.

On the other hand, make sure you have a copy of the lease you are under. There should be a clause entitled “subordination” which deals with what happens when a foreclosure is issued against the property being leased. Generally, the lease is included in the foreclosure of assets. In other words, it is part of the property being surrendered.

In plain English, the bank will have a prevailing right to the property over you. This doesn’t mean you even will definitely have to move.

More likely, the party that buys it will also buy your lease contract. So you would just pay your rent to another person.

When this kind of thing happens, you generally will NOT be forced to move. Heck, you might even be bound by the contract you had with the other guy, depending upon the terms.

Now, in the unlikely event that you do not have a contract, your tenancy is being sold with the property. You will only be forced out if the new owner wants to get you out. If they are buying it to rent it out though, you will not likely be asked to leave.


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