Posted by Mark Smith on March 09, 1999 at 13:52:26:
In Reply to: Re: Can new landlord kick me out? posted by Mark Smith on March 09, 1999 at 08:14:10:
Isaac wrote: "If the apartment is not regulated, then you are protected for the life of the lease only."
That is not necessarily true. If the lease is subject to the mortgage, the foreclosing mortgagee can cancel the lease before the end of the term. That is why large retail and office tenants try to get a non-disturbance agreement from the mortgagee, which provides that the lease will remain in effect even if the mortgagee forecloses. Residential tenants are rarely in a position to know about a non-disturbance agreement, and they don't have the clout to get one even if they do know about it.
: If your apartment is rent controlled or rent stabilized, you are protected against eviction, except in very rare cases where the bank that forecloses has been in financial trouble and the federal government has become involved. If the apartment is not rent regulated, your lease probably provides that it is subject to an existing mortgage and you might be subject to eviction. But don't move just because the new landlord tells you to get out. Organize, possibly hire a lawyer, and negotiate with the landlord.
: The old landlord should have turned over the security deposits to the mortgagee or to the new landlord, but this could become a real problem if that didn't happen.
: : My landlord just lost his building in foreclosure. The NEW landlord is a real
: : estate company that wants to sell the building vacant and has asked all
: : tenants to move out.
: : I signed a two-year lease with my original landlord. Does the new landlord
: : have the right to kick me out or does my original lease still apply. What
: : about my deposit? Who's responsible for returning my deposit if I do move out?
: : My old or new landlord?
: : Any help would be greatly appreciated. I just moved into my place in Sept 98
: : and the thought of having to move again is unbearable.
: : Thanks in advance!
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