Must a bank must give the tenant a 60 day notice upon pending foreclosure?
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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 12 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.
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