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What Happens if Renters are Living in a Property Being Foreclosed On?

Prior to the Protecting Tenants at Foreclosure Act of 2009 leases were eliminated when a home was foreclosed on if the mortgage was created before the tenant lease. After given proper notice, the tenants had 30 days to vacate the property.

The Protecting Tenants at Foreclosure Act now protects the renter’s lease if the home is being foreclosed on. Renters now are able to stay until the end of their lease and those who pay month by month must be given a 90 day notice to vacate the property.

There is one loophole with this: If the new owner has plans to physically move into the home after purchase, the lease can still be eliminated. (Investors and banks are not allowed to override the lease) The renters still are required to have 90 days to vacate the property.

Also on December 31, 2014 this act expires. Unless the act is renewed, leases will be terminated once a home is foreclosed on and sold at auction. Renters must be given proper notice and have 30 days to vacate the property

Source: http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/ptfa.pdf

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What happens if renters are living in a property being foreclosed on?

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