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Rental Foreclosure Break Lease

By CE

We received a letter from a law firm stating that the property we are renting in Tennessee is being foreclosed on. The letter stated that the bank will take ownership in 60 to 90 days, and then the property will go into the process of becoming a HUD home. My husband and I have a lease which is valid for 5 more months. I understand that the 2009 Tenant Law would allow us to stay until the lease expires, but we are not interested in staying since we need a rental for 2 more years while in school. We would like to find a new, more permanent rental now. Do we have the right to break our lease before the house is owned by the bank? 

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Edited on: Tuesday, January 29th, 2013 7:40 pm
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One Response to “Rental Foreclosure Break Lease”

My response: (We welcome stories, examples, explanations, answers and a touch of your personality)
 

Nathan

January 29th, 2013 9:48 pm

You cannot break your lease prior to the foreclosure, unless of course there is a part of the lease agreement that specifically says it’s okay to break it when faced with such a situation. Anyway, once the foreclosure goes through, your tenancy will end because the lease will not transfer to the bank.

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