Foreclosure

Q. I rent a small house. I have made all my payments on time; my lease has one more year until it ends. My landlord told me the house was being foreclosed this month and I will have to move. This doesn’t seem fair. How soon do I have to leave?

A. A foreclosure terminates your relationship with your landlord pursuant to the laws of the state of Texas. This means that your lease is terminated at the time of foreclosure. (The only exception is Section 8 leases, which may remain in force.)

shadow

Although removed from the media attention it once garnered, foreclosure rates in Texas, and the nation, are still at an alarming rate. One in 497 housing units in the United Stated received foreclosure notices in January 2011, according to data compiled by California-based Realty Trac, the leading provider of such information. Those numbers are down 17 percent from the year prior.

shadow