First and foremost Rent still must be paid. The foreclosure will still take quite some time for it to be completed. We have seen this process take from 2 months to many years. The foreclosure has no bearing on the lease that you have concerning paying rent. Any concerns that a tenant has should be addressed to their legal counsel. The tenant is not required to hire an Attorney. This should be done if the tenant feels that they have any legal questions or concerns.
Questions regarding renting a property that is in foreclosure or concerns for a property that could go into foreclosure
The federal Protecting Tenants at Foreclosure Act of 2009 applies to all foreclosures of residential property after May 10, 2009. This law provides that bona fide tenants who entered into a lease agreement before the foreclosure case was filed are entitled to stay in their home until the end of the lease term.
All bona fide tenants, including those with oral leases, month to month tenancies or lease agreements they entered into after a foreclosure case was filed, are entitled to 90 days notice before they may be evicted from the property.
If subsequent purchasers of the property at the foreclosure choose to use it as their primary residence, they may terminate a lease agreement early. The new owners however, must still provide the tenants with the 90-day notice.
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