Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.
‘I just found out that the house I’m renting is going into foreclosure, and I have to move out next month. Do you have any advice, and what rights do I have as a tenant?’You didn’t mention why you have to move out next month. If the current owner of the property is terminating your rental, then you rights are the same as under ordinary landlord-tenant law in your
state. Those laws vary considerably, so you should consult with an attorney familiar with your local landlord-tenant law to find out what your rights and options are.
Question: On the other hand, if you are expecting to be evicted by the new owner, after the foreclosure sale, then a recent Federal law, the Protecting Tenants at Foreclosure Act, would probably apply. In most situations where you are a “bona fide” tenant, the buyer at foreclosure would have to honor the remaining term of your lease, or if you are month-to-month, give you 90 days notice before terminating your tenancy.
Answer:
Again, you should check with a local attorney to ensure that none of the exceptions to that general rule apply to you. And it only applies to foreclosures through 2012 (unless the law is extended).
