I'm a month-to-month tenant and the house I'm renting is being sold at auction next month on the 4th. Rent is due on the 1st. Should I hold the payment until after the sale, go ahead and pay the full rent on the 1st, pay a prorated amount, or is there another, better option?
2 Answers from Attorneys
It would be hugely foolish to pay the person who you rent from, since he isn't paying the lender.
Be aware that you may have to move soon, but talk to the lender after foreclosure and determine what to do at that time.
Many foreclosures are called off, and your obligation to pay rent is separate from your landlord's obligation to pay the mortgage. If you fail to pay rent, it is possible the foreclosure is called off and you face an dispossessory for non-payment. It is a risk either way, but if you are living there, you have an obligation to pay rent. Even if there is a foreclosure, chances are remote you would be asked to move immediately. If you are a good tenant and the property is in good shape it is more probable you are asked to stay for a short time. Obviously, you need a back up plan and place to live.
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