We have heard lots of advice for homeowners who are experiencing financial difficulty on what to do when facing foreclosure, but not much for renters who may be living in a home facing foreclosure. For most people, paying bills ensures that they will have a place to live that may not be the case if you are renting a property that is being foreclosed on. Even if you have never missed a single payment a landlord who is trying to unload a property may think it will be easier to do so if it is vacant.
There is good news, in New Jersey renters are protected from eviction based on a landlord foreclosure. It is not legal for landlords to force tenants out of a home without a legal eviction notice. Owners who attempt to remove tenants without such a notice are subject to civil charges. Many renters are not aware that they do not have to leave just because the landlord has asked them to. It is important for tenants to be aware of their rights so that they do not become victims of the current economy.
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