Landlord in Foreclosure

You need to talk to your lawyer about this, but can't you at least stay until the end of the lease? I thought that the new owner of the building inherits all the currently active tenants.

You might want to post this on the forums at brownstoner and see if someone over there has an answer. I know the issue of forclosure impacts on renters has come up over there several times.

I read something online very recently pertaining to tenants in foreclosed buildings. Sort of in the past week or so. There is some sort of protection in place, here in NY, that was very recently put in place. I can't remember the particulars. I will try to find it when I get back home later tonight. In the meantime you might want to post on tenant.net

Now I'm no lawyer, but from what I've read, the only tenants that have any protections from foreclosure are those covered by the various rent regulations, such as rent control, rent stabilization and Mitchell-Lama. Section 8 tenants may also have some protections. Unfortunately, you seem to be a market rate, month-to-month tenant. After the mortgagee takes over the property, I'm guessing they become your new landlord which means that, if nothing else, they can give you a month's notice to leave, and you will have to leave.

Being month to month gives you great flexibility, but a lease gives you security, although I am not sure a lease would protect a market rate tenant from eviction due to foreclosure.

Unfortunately, just because you've paid your rent on time doesn't mean the landlord has been using that to pay his/her mortgage. You may even lose your security deposit if the landlord is bankrupt.

This is yet another reason why we need comprehensive real estate law reform in New York.