What happens if my landlord told me that I have 30 days to move since the property is being foreclosed on?

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What happens if my landlord told me that I have 30 days to move since the property is being foreclosed on?

My children an I have rented from our landlord for 4 years.

Asked on July 11, 2011 under Real Estate Law, Georgia

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Federal law requires that when a rental goes into foreclosure, tenants who have a written lease can continue to occupy the home until the end of the lease period or 90 days, whichever is longer. An exception is made if the new owner intends to move in and occupy the home as their primary residence.  In such a situation a 90 day notice to move would apply. Tenants with a month-to-month lease, or no lease at all, have to be given at least 90 days notice to move. 

Note:  A tenant should be notified by the mortgage lender as to the sale/transfer date of the property.  After this time, the landlord will no longer be the legal owner.  A tenant should then be informed where to send their rental payments by the new owner. Additionally, the landlord is responsible for return of the security deposit.


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