Depends in what the new owners intend. There would not be a rent free period. In many cases the tenant stays on. In some cases, new owners terminate the lease-with proper written notice which may be as much as 90 days under the PTAF Act.
READ THIS BEFORE CALLING OR EMAILING ME: I am licensed to practice before the state and federal courts in Virginia. We have not established an attorney-client relationship unless we have a signed representation agreement and you have paid me. I am providing educational instruction only--not legal advice. You should speak with an attorney to whom you have provided all the facts, before you take steps that may impact your legal rights. I am not obligated to answer subsequent emails or phone calls unless you have hired me. I wish you the best of luck with your situation.Ask a similar question
If you don't already have a lawyer, hire one to help you. The law is complex and there may be things that can be done that you didn't know about. Good luck!
If this answer was helpful to you or if it was the best answer, please click the buttons that state helpful and best answer. Please understand that all of my answers are for informational purposes only, are not legal advise, and do not create an attorney-client relationship between you and me. I am not your attorney and you are not my client unless we enter into a signed contract. My only legal advise to you is that you should immediately consult with and hire a lawyer and that you should not represent yourself. If you want to more information about personal injury, visit http://www.sainjurylawyer.com or if you want more information about criminal defense, visit http://www.giardinolawfirm.com. Good luck!Ask a similar question
Foreclosure is a fairly long process in MD, and the bank does not acquire the right to rental income from a tenant in the property until after the foreclosure sale is actually ratified by the court. That can be 3 - 9 months, or more, after the actual sale date. After final ratification, the title to the house is then transferred and recorded in the bank's name (I say "bank", but it goes into the name of whomever is the winning bidder at the foreclosure auction; however, in most cases where the mortgage is under water, that will be the bank). until final ratification, only the titled owner (you, if you are the one on the deed) has the legal right to the rental income. AFTER the property is re-titled, the bank will usually attempt to contact whomever is residing in the house, and will try to determine whether they are a "bona fide" tenant. Bona fide usually means, a tenant with a written lease negotiated at arms length with the owner at fair market rates, but the term is not specifically defined in the federal Protecting Tenants at Foreclosure Act (PTFA). It is up to the bank to decide whether they are interested in renting to an existing tenant, and they must honor any existing lease until the term of the lease has expired, but very few banks are interested in continuing a foreclosed property as a rental. They want the property sold as soon as possible. The PTFA requires that the new owner give 90 day written notice to vacate to any bona fide tenant before they can start eviction proceedings, assuming the lease term has expired or the lease in in month-to-month status. You can read details about the act here: http://www.occ.gov/news-issuances/psa/federal-law-protects-renters-foreclosure.pdfAsk a similar question