real estate


Question by  kandiman (33)

What rights to tenants have if a home is surrendered in a chapter seven bankruptcy?

I have been renting a home for three years now and just learned it has been surrendered in a bankruptcy.


Answer by  Devin98 (487)

You have the same rights as you did before the homeowner surrendered the property. You will receive a notice from the financial institution and they will work out your move date so they may take legal possession of the property. This process can take several months so you should be ready to move from the property quickly.


Answer by  patti (29325)

Find out who now owns the property. The new owner will likely allow you to stay since the house generates some income while occupied.


Answer by  ammnivarghese (262)

Mostly, the agreement for a tenent is for eleven months. It may vary from country to country. Since you could live for 3 years, it is your good luck. But why the bankruptcy, occured, may be, the owner might have taken the loan for the same house and not repaid it, as per the bank rules!.


Answer by  heather88 (1897)

I don't think you have any rights if you are the renter, but you should ask a lawyer to seel if you do have rights. You will need to go to a lawyer because they know abbout this stuff, the lawyer could tell you, if you have any rights in it at all.

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