When you hear about New Jersey Home foreclosures on the news or examine about New Jersey Real estate foreclosures inside the newspaper, you will see that most of the attention is placed on the property owner in trouble. Unfortunately, it looks as if renters have simply just been forgotten. That doesn’t, on the other hand, mean that they are exempt from foreclosure related evictions. In the event you are a tenant of a rental property, property foreclosures should be a concerned of yours.
The most frequent fear of renters is coming home to a sign on the door stating that they needs to be out within twenty-four hours. Usually, this will not happen. Many states have laws that were created to prevent this from happening. Although it does vary, depending on the state, banks are usually required to post foreclosures notices on the building within twenty days. These are notices that you should be able to spot.
Another way that you might know if your rental unit is headed for property foreclosures is by regularly examining listings. These property foreclosures listings are not hard to find online. Properties in foreclosures should also be listed and be available for viewing in your local city, town, or village offices. Although you may want to refrain from outright asking your landlord if he or she is facing property foreclosure, especially if no signs are showing, it may help to calm your fears.
Even when your building is being foreclosed on, you may not necessarily have to start packing your bags. Some states make it so that your lease trumps the property foreclosure. This protection often occurs when a new owner is unable to afford their mortgage. For instance, is your one or 2 twelve months lease with the previous owners? Should you entered in to the rental agreement before the mortgage in question was obtained, the buyer of the foreclosed property may have to honor your lease.
Renters are also provided with a small amount of property foreclosure protection when they rent from a rent stabilized unit or when they are a part of a federal housing plan. In many states, those on Section 8 cannot be evicted from the rental unit without having reasonable cause, even when ownership is transferred. Some states and local governments also state that property foreclosures is not a fantastic enough reason to evict those in rent stabilized housing units. Since these exemptions vary based on local and state governments, be sure to verify this information ahead of time.
Although you may be offered some protection as a renter, the new owner of your property may have other plans. Know that you can not be threatened or forcefully removed from the premises until a proper eviction notice has been served. In most areas, this is certainly not something that just happens overnight, so you should have some notice. Until that time arrives, you should not have your locked changed, have your belongings moved from the premises or have your utilities shut off. In the event this does happen, contact the authorities and an attorney. In the event your utilities are shut off, the health department can and ought to be notified.
Another concern that renters have, concerning property foreclosures evictions, is their security deposit. Since most rental properties require the payment of a security deposit, those forced to move unexpectedly are often left in a pinch. In all honesty, it doesn’t matter how well clean or cared for you kept the rental unit, you may have difficulty recouping your security deposit. New owners are often exempt by law from having to pay it. You can certainly sue the previous owner, your last landlord, but this process might be time intensive and costly.
As you could see, you do have multiple options when facing foreclosure, as a renter. For much more assistance, you are going to want to seek advice from a housing counselor that is approved by HUD (The United States Department of Housing and Urban Development) or a lawyer. If and whenever you consult with legal counsel, select one that has experience handling legal matters that concern housing and tenant rights.
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