Must a bank must give the tenant a 60 day notice upon pending foreclosure?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Must a bank must give the tenant a 60 day notice upon pending foreclosure?
Asked on December 24, 2012 under Real Estate Law, Georgia
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You should be aware that pursuant to federal law (and some state laws), a lender who takes possession of a rental property or a new owner who buys a building at auction has to let a tenant stay for the longer of: 90 days from the sale date or the remainder of their old lease. The rule is different if someone is buying the property to live in themself; in such a case they can terminate a lease with 90 days notice.
Note: That above holds true for 90 days from the sale date. You will have to find out when that will be from the bank (or whoever is listed on the notice of civil action.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.