I was recently asked by a client, “what will happen to them if the house they are renting is foreclosed upon?”. There has been so much new legislation lately and I was not certain of the answer so I asked the local foreclosure law expert, Marc Shapiro, Esq., and he pointed out that a new federal law entitled, Protecting Tenants at Foreclosure Act of 2009 now protects tenants who are leasing a foreclosed home. This law provides that a lease may survive a foreclosure – meaning that tenants may stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days notice before having to move out. Of course, there are exceptions so consult with an attorney for help!
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