November 04, 2010
Tenant rights in a foreclosure
Dear Consumer Ed:
My landlord is having financial problems, and I am worried that the house I am renting may go into foreclosure. As a tenant, what are my rights? Will I be forced to leave immediately?
Consumer Ed says:
No, you will not have to leave immediately if the house is foreclosed on. Under the “Protecting Tenants at Foreclosure Act of 2009”, which was signed into law on May 20, 2009, tenants have the right to stay in a foreclosed property through the end of their lease, unless the new owner is planning to make the foreclosed property his primary residence. In that case, the owner may terminate your lease, but you must be given 90 days’ notice to vacate the premises. If you don’t have a written lease, if your lease is month-to-month, or if there are fewer than 90 days left on your lease, you are also entitled to 90 days’ notice.