OR the property owner could bring the payments current everything is then taken care of .
If the home is foreclosed on the resident of the property SHOULD start to receive notices HOWEVER best resolve these issues with property owner IF necessary start to search for a new location
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The Michael Group - Dallas Business Journal Top Ranked Realtors
These laws have been changing with different court cases, and in most instances you could go to court to enforce your lease. But sounds like you don't want to do that.
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Some things you will have options on and some things you will not.
First - the foreclosure process is long. It may take one to even two years. Until foreclosure happens, continue with your rent as before. It is possible your two year term will be up before the house gets foreclosed on.
Two - once it IS foreclosed on (which is many months after the notices you get posted on the door) the ownership changes. Either an investor will buy the house at auction, or the bank will take the house back. In your state, the bank may be required to honor the lease. In MY state, you have 3 months to vacate after the foreclosure.
Three - If the bank DOES become the owner of the house, you either have to pay them rent or move. If you refuse, you become an illegal squatter, and will get evicted.
I believe the bank is required to honor your lease to its full term should you wish to stay in the property and as long as you are current on your rent payments. The bank may try to buy you out. If so, the amount is negotiable. Sometimes they don't even require any payments as your new landlord but be careful. If the bank offers to forgive your rent, make sure you get that in writing and understand the consequences. You could end up breaching your lease agreement which may lead to an eviction.
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One set of tenants actually renegotiated rent with the seller and saved some money because if the tenants moved out immediately then the seller wouldnt receive a penny. This is where I am not sure about the lease agreement and if the laws allow you to break the lease if this situation does occur. However, I think that if you do remain in the home then your technically still under a lease agreement. I hope this helps a little. .Good luck! Id love to hear how it turns out for you in N.C...