Thursday, March 24, 2011

What Happens to Tenants in a Foreclosed Property?

I have often wondered about such situations.

Since the government gets in the middle of everything and your lease doesn't mean anything if the government says it doesn't mean anything, here's what will really apply if the property you are renting gets foreclosed.

You can stay until the end of your lease, unless the foreclosed property is sold to a person(s) who intends to live at the property. If such is the case,  the purchaser can give you a 90 day notice to vacate.

It's all in the Protecting Tenants at Foreclosure Act of 2009.


1 comment:

  1. It should be noted, this law expires December 31st, 2012.

    Just sayin'.