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Does anyone understand the legal mumbo-jumbo in this new law?
I'm understanding it to be that if you have a "lease" with the current owner, you have to be given 90 days notice to vacate and even if a new owner takes over, you have that same timeframe and then you just pay them your rent money. BUT, if you don't have a lease or enter into a lease agreement AFTER the notice of foreclosure has been given, you still have to be given 90 days notice?
Just curious.... if anyone has any insight... Thanks again!
This law applies to properties that have been foreclosed and taken back by the bank or sold to someone else at the foreclosure auction. Has nothing to do with the current owner prior to foreclosure.
My understanding if that if you have a lease, the foreclosing bank / new owner has to honor the lease until it expires. However, if someone purchases the house from the bank or at auction with intent to move in (owner occupant), they are allowed to serve a 90 day notice.
If the renter is month to month, then they must receive a 90 day notice.
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