I rent a house in the Grayslake area and I recently discoverd online that the house I just signed a 2 year lease on is up for a short sale. Is there anything I can do? I assume the landlord is not paying the morgage, do I have any rights?"
Answer
Do you mean foreclosure rather than short sale? If the house actually is being sold as a short sale, your rights and obligations under the lease should remain intact. The new owner would effectively step into the shoes of the current owner. However, if you mean foreclosure, your rights under the lease may be terminated. You are still obligated to pay rent during the foreclosure. You should contact an attorney directly to determine which is the case.
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