The foreclosure process is different in every state and contains specific requirements for both the property owner and the tenant. LandLordStation.com offers a variety of helpful information to help you understand, what is foreclosure, what notices must be sent to the tenant, who sends the notices, how much notice time a tenant should be given to vacate and more. The laws of each state are different regarding rental foreclosure and this is one issue that requires the services of an attorney who is familiar with foreclosure laws
If an owner of rental property allows a rental to go into landlord foreclosure, the tenant may or may not receive a notice from the landlord. The lender that holds the mortgage will send a notice to the property address but each state law determines when the notice must be given to the tenant. When a foreclosure judgment is entered by the Court, the tenant’s Lease Agreement is rendered null, void and cancelled and the tenant must vacate the premises. Each state has different laws pertaining to the length of time the tenant has to leave the premises. Many times the lender will offer a "cash for keys" option to the renter wherein the tenant agrees to vacate the property by a certain date and, in return, the lender pays a sum of cash to assist the renter with moving costs.
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