Foreclosures Help Information

Renting Foreclosed House

Question: The house I am renting was foreclosed on, what now?

I am currently renting a house from a lady in another state. I have a one year lease that began March 1, 2008 and have already paid for the first, last and current months rent. I have had trouble getting in contact with the landlord several times. Today, I received a certified letter stating that the house had been foreclosed on due to nonpayment. It also stated that we are to leave the premises immediately or they will go on with eviction proceedings. I used to work in real estate and if I remember correctly, when a home is sold, the new owner is still held to the previous owners contracts attached to the property, in this case, our renters lease. I cant remember exactly what the law is regarding this, anybody have any advice?
The bank actually was sold. It was sold on April 1 before the courthouse doors of hall county to SunTrust Bank, who was the highest bidder.
Sorry, above I didnt mean the bank was sold, I meant the house was sold. To a bank.

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Answer: You are screwed. Kiss away your last month's rent and any deposit you have paid the owner, it's gone. The only thing you can do at this point is contact the Bank and ask if you can continue renting from them until the home is sold. Then begin looking for another place to live. The Bank is not going to honor a contract they haven't written or signed.

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