rental property being bankrupt on

Here is the deal. My family and I are renting a mobile home in a park and our landlord has filed bankruptcy we are being told from a realtor that the bank has to give us 30 days notice. Now learning of this we have taking actions to buy a house. While we were looking at a house one of the people showing us one he let us know that the bank doesn't have to give us a 30 day notice that when it comes to manufactured homes it is treated like a repossession and we will have 72 hours if and when the sheriff comes out. He says that we would not be covered under tenant laws in Oregon that we would actually fall under squatter laws and that is why we would get the short notice instead of a month notice.

Is this true? I have no idea, I just thought that we had a couple of months or whenever our landlords bankruptcy fell through in order for us to buy a house.

Eric

Eric,

First off, the bank would be crazy if they are trying to evict all of the residents unless they have an alterior motive (like closing the park and selling the land to a developer). Secondly, even though I do not know the Oregon laws, I am thinking in all reality that the bank will need to honor your lease and if not, give you a reasonable amount of time to move (30 days at a minimum).

I would go straight to the bank and ask them direct. If you don't have a certified notice from them and can't find the bank then hold off until you get the notice and go from there.

Dave

You're talking bankruptcy not bank foreclosure right? Is your landlord the owner of the park, or just the owner of the mobile?....makes a HUGE difference. If your landlord just owns the mobile, then yes, they could treat it like a repossession and force you out to easier remarket it. but bankruptcy puts a stay on repossessions.

Perhaps you could buy it cheaply....which the bank would do to make a quick sale with the bankruptcy courts approval...Not familiar with the laws in your state, but they should have to give you notice of termination. Go to the bank and make them a low ball offer in writing ...can't hurt.


Now... if your landlord is the park owner it depends on what kind of bankruptcy...just because the MHP owner filed, doesn't mean that the owner is giving up the property. They may just be reorganizing for any of a number of reasons. no matter how you look at it, that procedure takes time.


and as Dave said, go to the bank (or to your landlord) and ask them directly.

First off NEVER take legal advice from a realtor! Search your state landlord tenant laws online. In my state a lease survives a sale. A mobile home owner or tenant in a park has 90 days to move.