Longwood ForeclosureMany tenants have questions when they find out that the home that they are renting is in foreclosure. With so many foreclosures out there, I wanted to take a moment and address the most common questions that I recieve from tenants.

  Q: If the home is foreclosed on, do I need to move out immediately or will I be evicted by the bank?

  A: No, as long as you have a written lease with the former owner the bank has to honor that contract when they foreclose on the property. It is possible that the bank may negotiate with you for an early termination, but you do not have to move any sooner than what your lease says as long as you continue to make payments.

  Q: I just found out that the owner of the property I am living in has stopped paying their mortgage. Do I still have to continue making rent payments if the owner is not paying for his mortgage?

  A: Yes, if you do not pay rent your landlord may file for an eviction.

  Q: The Home Owners Association has started demanding that I pay them the home owners dues my landlord should have been paying, can they do that?

  A: Yes, in 2010 new laws were put in place that allow HOA's to collect from tenants when the owner fails to pay the dues. They cannot charge you more than your monthly rent payment and the remainder of the rent still has to be paid to the owner.

If you would like to ask a question, feel free to post it in the comment section or e-mail Erna Sigurdsson, Realtor at Erna@TheVikingTeam.com

This blog is not intended to give legal advice and if you feel that you have a situation that requires legal advice, please seek the assistance of a qualified lawyer.

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here.