As many Orange Park, Florida residents have come to find out, when the housing market is down sometimes it is just easier to pay rent. While the number of people renting has gone up, the cost of home ownership has also risen. That rising cost puts pressure on the landlords that provide living to renters, and many times they end up in foreclosure like so many others. But if my landlord in is foreclosure do I still have to pay rent? The answer can often be, yes.
This is because the contract that you hold with the landlord is separate and distinguishable from the mortgage that is being foreclosed upon against the landlord. In fact, if you (and all the renters like you) just stopped paying rent, it would be unlikely a landlord could emerge from the foreclosure, especially if rental property is a large source of his or her finances. As long as your landlord continues to meet his or her obligations under the lease agreement, you are expected to continue to meet your obligations as the renter as well.
If you are a homeowner and you fear you may be subject to Foreclosure in Florida, there may be many potential options available to you. Contact a Orange Park Foreclosure Defense Attorney today for a free review of you specific situation as no two situations are alike.