Foreclosures are occurring all over the country. You may feel that because you live in an apartment you will not have to worry about this real estate issue. An increasing number of apartment dwellers are facing foreclosure issues because of their property owners. In most states, a property owner must give at least 30 days’ notice to their renters. You may face certain issues that make the concept of finding another rental difficult. What do you do when you are in a low-income housing area, have a fixed rental rate that does not match the rental prices in the area, have specific lifestyle requirements, or you are not given a full 30 to 60 days?
Fixed and Low Income Rentals
You may be in a situation where the apartment rental has a fixed rate because of an agreement with the property owner or an income based lease. If you find yourself in this situation, the first step is to find a housing authority in your area. They are the go to resource for helping people in low-income areas find rentals. If there is a long waiting list, you may want to consider looking in the local classifieds, driving around town and looking for homeowners offering private rentals, or located rentals through online classifieds.
If you are in a situation where your lifestyle requirements change the type of apartment rental you can have, then you will need to consider several factors. Personal income and rental fees may not be an issue, but if you have a large family or pets, finding another apartment can be difficult. You may have to make some adjustments to your lifestyle in order to find the perfect apartment rental. These changes may include having your children share a room, dealing with apartment communities that allow multiple pets, or finding an apartment community that caters to special health needs.
Notification and Legal Issues of Apartment Foreclosure
If your landlord did not give you the proper amount of notification, your biggest issue could be moving out in time. The first step is to check the eviction notice against your lease. Your lease should state how many days of notification the landlord must give you in case of an eviction or foreclosure. If the eviction notice does not match the lease, then you need to find a lawyer in order to obtain the proper amount of notification for your state or local city. If you have a legally binding lease and the lease states nothing about foreclosures, eviction notices, and related information then you will need to contact a lawyer.
When you locate your next apartment rental, be sure that your lease covers you in case of a foreclosure. Make sure your lease is always updated and that eviction notifications are clearly spelled out in the lease. Never accept a simple extension or updating the date as a new lease. Make sure that each part of the lease not only covers you, but also is legally binding should this situation happen to you again.