Upcoming Foreclosures

Do I still pay rent on a bank owned property?

I live in Georgia and the apartment complex I live in has foreclosed and is presently owned by the bank. Am I still required to pay rent?

Public Comments

1. Yes, you are required to continue paying rent. The difference is you will be paying it to the bank. If you fail to pay your rent when due, the bank can evict you. If you continue to pay your rent when due, the bank can not evict you until 90 days after your lease ends.
2. YES! You can never live in a place for free. You need to be paying the bank rent. if you do not they can evict you the same as any other landlord. Banks are not in the business of being landlords. They will sell it as soon as they can. You will then have to pay the rent to the new owner.
3. Yes, the same as before. The government requires the bank to have a property manager and continue renting until the complex is sold. There is no force to leave in 90 days, that pertains to houses, not apartments. Your lease is in effect and this process should be transparent to you.