Renting and property is going through foreclosure


Posted by Zia on March 31, 2007 at 09:35:59:

I am renting a house in Maryland. I have been paying the rent regularly. The lanlord was an investor but the property values dropped and he decided to let it go. The loan was sold off in January. GMAC is now asking court for posession of the property.

I responded with a letter to court saying I have a lease till end of July 2007. Asking court to allow me to stay and pay rent to GMAC directly.

Is this possesion hearing the same as eviction court? If court grants possesion does that mean I have to get out immediately or would GMAC have to go through eviction process? I am willing to pay the rent to whoever but have to stay till July 2007.

Is the lease that I have with the landlord binding on GMAC? In foreclosure process whoever buys the property buys it as is with current tenant or condition. Does that make it binding on GMAC to honor the lease.

This process had nothing to do with me. But, I am caught in between. Anybody out there have suggestions or input? help is apprecited...


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