When the housing market crashed in 2008, many tens of thousands of people found themselves unable to meet mortgage obligations. Renters thought they would be able to avoid some of the issues their home-owning neighbors. Then the person of company that owned your building when bankrupt. Often times you will not even know that the building has been foreclosed on until you get an eviction notice. There is no silver bullet for knowing what to do. Each state and some cities have specific laws governing evicting rents. There are some important things to know that will help you navigate what could be a very rough time.
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Get a Lawyer
Your first step should not be to call a moving company and start looking for a new place. No matter what the notice says, you will not be forcibly removed without a court order. The bank now holds the lease to the building. Along with a lawyer, work with the new lease holder to negotiate new terms. A lawyer will be able to act as a bulwark between the bank and yourself the bank. This will prevent and further bullying.
Don't Act Rash
Don't act rash. Don't give the new lease holder a reason to go to court. Whether you like it or not, things have changed. Keep paying rent. Don't trash common spaces. You do not want the new lease holder to take any action against you. Your goal going forward has to be to stay in your apartment. Like a bankruptcy, an eviction can haunt you for years making it hard to rent another apartment. If an eviction is signed by a judge, you are pretty much out of options. Pick up and leave. It is better than jail.
Take it to Court
Whether you want to stay in your apartment or not, you want to make sure you get any money your former lease holder might owe you. When you signed your lease, the holder guaranteed that you could use that space. If you have to vacate due to their financial negligence you can sue them for breach of contract. At the very lease you should be able to recover security deposits and last month's rent. While this might not be a great sum of money, it may ease the trauma that comes from a fast move or temporary homelessness.
Finally, know your rights and understand what your obligations are going forward.
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