Protecting tenants in foreclosed properties
A report says that about 40 percent of the millions of property owners facing foreclosure involve tenants who are renting a house, apartment or condominium. Federal and state laws give them protection so they don’t have to move quickly.
Q:I rent a small single-family home and have made all of my monthly payments on time. However, the landlord’s bank recently sent me a letter stating that it is foreclosing on the landlord and that the property will be sold at a public auction. What are my rights in this situation?
A:It depends on where you live, because laws regarding tenants’ rights in foreclosure proceedings vary from one state to the next and sometimes even from one county to another.