ANSWERS: 1
  • <h4 class="dechead">On One Hand: Yes, But Only Temporarily.

    In May 2009, President Barack Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This act allows tenants who are renting a house that was foreclosed on to stay until the lease is over. Tenants renting on a month-to-month basis get 90 days before they have to move.

    On the Other: You May Have to Leave.

    If you are renting a property that was foreclosed on and someone buys the property, your lease terminates in 90 days, even if you have longer on the lease. In a regular sale, in which it is not a foreclosure, the new owner has to wait until the lease naturally ends.

    Bottom Line

    Life can be difficult if you are living in a foreclosed home. You may be paying your rent to someone who no longer owns the property. Alternatively, if you are paying the bank that now owns the home; the bank may never get around to providing maintenance or repairs. Even though living in a foreclosed property may not be ideal, you can live there subject to the terms of your lease or for 90 days, depending on your situation.

    Source:

    NOLO: Renters in Foreclosure: What Are Their Rights?

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