Legal Question in Real Estate Law in Georgia

Leasing a property thats foreclosing

We have gone into a lease with a property on Dec/07 to find out on Feb/08 its foreclosure Mar/08. There is nothing in our lease that protects from a foreclosure-very standard lease. What rights do we have to attempt to slow down the process to allow us time to find something else. The seller will not return the calls.


Asked on 2/27/08, 12:29 am

2 Answers from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Leasing a property thats foreclosing

Generally, in a foreclosure situation, the tenant has no real recourse except against the landlord for breaching the lease and allowing the property to go into foreclosure. So, your only real option is to seek compensation form the landlord.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 2/27/08, 9:20 am
SHERRY RAGOLE RAGOLE & ASSOCIATES, LLC

Re: Leasing a property thats foreclosing

There are no measures that you can take to prevent foreclosure. Although I do not wish to give any recommendation regarding whether you should continue to pay rent, many individuals in your circumstance would consider it pointless to continue to do so, and would use the money that they would ordinarily pay rent with to make the required deposits on/rent another property.

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Answered on 2/27/08, 10:19 am


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