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The issue of renting the home out is just a plain contractual issue. The new owner of the home can present to you a lease agreement to sign as an alternative to evicting you, if they so choose to do so. This is not likely to happen if you have defaulted on the note. If you are a tenant in a home where a LL has defaulted, there some laws that state that the new owner has to give an option to continue to lease the premises until the existing lease term is completed.
It can take several months before the property is sold at an auction. However, if the lender becomes the owner, then it must deliver to you a Notice to Quit before seeking an eviction from the court. If you do not move out as per the notice to quit, then he an file for eviction and a hearing will be held in about 3 weeks. If you lose at the hearing, you will have at least two days to get out before a sheriff comes to your property to evict you.
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