New Jersey Foreclosed Homes
November 20th, 2009
New Jersey Foreclosed Homes
Question: Can someone tell me how Just Cause Evictions work in NJ?
How do just cause evictions work in new jersey? If a renter lives in a single family home that is going into foreclosure...the renter can not be evicted, correct?
I am under the assumption that once the home does foreclose, the bank then becomes the landlord for the remainder of the lease? (the lease that was signed with the previous owner, whom has now foreclosed).
Has anyone heard of this? Any weblinks would be good...
And please, no silly comments or answers...
ok reeneez and 9 daughters are wrong....in most states this would be true, but I KNOW, nj has some different laws about this...>
Answer: Everywhere I know of, when the lender forecloses it voids your rental contract and you're outta there.
Here's why. When a bank forecloses they have to get rid of the property. They can't keep it and just become the new landlord. They're not in the landlord business and don't want this repsonsibility.Homes sell better if they're vacant too and the bank has to make its best effort to sell the home so the bank usually gives the tenants notice immediately. If your family is a fourplex or something where it's not likely to be owner-occupied the bank may not give the tenants notice because the buyer will probably want those tenants but, in your case, you say you're in a single family home so that wouldn't apply.
Sorry.
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