Rentals Foreclosure
Question about rental home going in to foreclosure?
I have neighbors that rent the home across the street from us. They told us about a month ago that the house was going up for auction. The auction was on the courthouse steps today and no one bid on the house. They tried to buy the house, but they don’t have much cash and no credit. My main question is, how long are they going to be able to stay in the house? What happens from here? Thanks in advance!
Thanks to a law signed into force this summer, they have at least 90 days before they have to move out. If the new owner wants to occupy the house, they have to give 90 days notice to the renters. If the bank owns the house, or if an investor buys it, the renters can stay until the end of their lease.
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