If the bank is foreclosing on the property we rent what are our rights as teants?

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If the bank is foreclosing on the property we rent what are our rights as teants?

Our property is being managed by a real estate compnay. We need to know our right. With our names not being listed on the papers, what can we do if anything?

Asked on June 11, 2012 under Real Estate Law, North Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You mean that your names are not listed on the foreclosure papers, correct?  Since the President signed the"Protecting Tenants at Foreclosure Act of 2009," tenants no longer lose their leases in a foreclosure proceeding.  This is a huge change. This legislation means that that leases would survive a foreclosure and a tenant can stay at least until the end of the lease, and month-to-month tenants would are entitled to 90 days' notice before having to move out (and not the 30 days as before). If you have any more questions please write back.  Good luck. 


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