Hello. My family is looking at a foreclosure property currently listed to buy and live in. It says immediate occupancy on the listing, but when we went to view it there are tenants there and they said they had a 3 year lease and plan to stay until the end of it which is another 11 months. The realtor said that the tenants have a lease and that we would be the landlords with all of the responsibilities until their lease is up. I have been doing some research and it looks like per the "Protecting Tenants in Foreclosure Act" that if someone buys a single family home that they want to occupy, they can give the current tenants a 90 day notice and their lease is pretty much null and void. If that is correct, what other repercussions am I not thinking of? We really want the house. Thanks much
If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.
Several different kinds of property ownership exist, including joint tenancy, tenancy in common and more. The right one for you depends on your circumstances.
by attorney Barbara Stage
The problems homeowners encounter living in HOAs, COAs and mobile home parks. Introduction If I had to briefly describe Florida community... more