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Renting a house the is in Foreclosure

Posted By: Heather Cherepkai

Q

A friend of mine is trying to rent a house that is under foreclosure. If they have a lease for one year, would they be safe over the foreclosure? Could they stay in the house for one year? Or could they get evicted in 30 days 60 days or whatever the foreclosure does?

A

When someone is trying to rent out a property that is under foreclosure, there is no way to guarantee that anyone can lease the property for a full year, but if the case is in litigation, then it is possible that it could last up to 12 months depending on where the case stands at the time the lease is executed.

Usually, the tenants are notified by the Plaintiff’s counsel of the foreclosure action and provided an opportunity to appear before the Court to assert their rights and protect their interest in the property.

In a worst case scenario, the tenants could be forced to vacate the home within a 30 to 60 day time frame.  If the tenants are well-advised of the status of the case and appear before the Court, they could  request additional time from 90 to 120 days or more, depending on the circumstances and the Court.

Without knowing whether there is an active foreclosure case before the Court, it is difficult to provide an accurate answer, as there are many factors in predicting the length of a foreclosure case.

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