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Good morning. Leases are no longer terminated by foreclosure. The "Protecting Tenants at Foreclosure Act of 2009" provides that leases survive a foreclosure -- meaning the tenant can stay at least until the end of the lease, and that month-to-month tenants are entitled to 90 days' notice before having to move out. An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Thus, just because your home is foreclosed, the tenant gets to stay. Unfortunately, however, the bank or the new owner is entitled to the rents until you reinstate, if you do.
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That is correct unless the new owner wants to occupy the property in which case the owner can terminate the lease with 90 days notice.
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