A letter was posted to our front door today dated 2/11/10, explaining our property has been acquired and is now owned by Fannie Mae. We received a letter from the mortage company dated January 10, 2010, offering several payment plan options so NOT to foreclose.
The posted letter offered to sign a lease and rent our home than explained Fannie Mae does not offer a lease or rent option to former owners. It was notedt we may be eligible financial relocation assistance. This comes as a totaly surprise and we had idea what was done behind out backs. We are totally overwhelmed and don't understand how this action happened. Please help.
The law allows tenants to stay in the premises for 90 days after receiving the notice. Your question does not specifically say that you were tenants and not owners but I presume that you were tenants since you did not know that foreclosure proceedings were under way.
You may have had rights as tenants that were violated, but I am not licensed to practice in CO so can not advise whether your state would require that you as tenants get notice before the sale.
Consult with an attorney to learn of your rights under CO law, as the Protecting Tenants Act is federal.