I am a Tenant and Just Found Out This Property is in Foreclosure
Legislation has been passed by Congress that will provide help for people who are renting when their landlords go into foreclosure.
The Protecting Tenants At Foreclosure Act
The statute can be found at http://www.fdic.gov/news/news/financial/2009/fil09056a.pdf - It is important that you read it carefully, in particular Section 702(b)(1)(2) and (3). Unless you fit the description of a bona fide tenant, the Act will not affect you. However, if you do, and assuming the mortgage being foreclosed is a "federally related mortgage loan" (most are), the foreclosing plaintiff will be required to allow you to finish out your remaining lease if you have a lease entered into prior to "the notice of foreclosure", or to give you 90 days to vacate otherwise.
How Do I Protect Myself ?
You should consult a landlord-tenant attorney, so that he or she can determine if you are protected under the act, and so that he or she can file the appropriate things with the court to make the court aware that you are claiming the protection of the Protecting Tenants at Foreclosure Act.
