The Helping Families Save Their Homes Act of 2009 signed into law this week by President Obama has a provision that allows a tentant to remain in a home 90 days after it sells in a foreclosure sale.
Effective immediately, an REO lender or buyer who acquires title through a foreclosure sale must give a month-to-month tenant at least a 90-day notice. 90-day notice is also sufficiant to terminate if a new owner will occupy the property as a primary residence at the end of the 90 days. Otherwise, a tenant with a one year or other fixed-term lease with a remaining lease term exceeding 90 days can stay in the premises until the remaining lease term ends.
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