If you don't have a lease give him 30 days notice and leave. However, with rooms if you are paying rent weekly you only need give 7 days notice. If the bank was foreclosing you would have 30 days unless you have a lease, then you have 90 days to move.
Since you want to move right away, I suggest you take the other place even if you have to pay two rents for part of May. Just send him a letter of your intent to move on June 1 unless your state allows a 15-day notice. Yes, you will owe rent money but your security deposit should take care of that later.
Yes - you do have to give notice as per your lease. Yes, you have to pay rent for the time you're giving notice for (ie if you move, you still have to pay the month's rent) Your landlord's financial and criminal issues are irrelevant - you're bound by the lease, so must obey the lease. As long as you provide written notification to the contact details on the lease (send recorded delivery so it's signed for) you've done what you can; it's not your fault or problem he's in jail.
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