You will have new rights by law---
New Rentersâ€™ Rights in Foreclosure
According to Consumer Action, renters must now be allowed to remain in their homes for the duration of their lease â€“ even if the home is being foreclosed on. President Obama signed the Protecting Tenants at Foreclosure Act 2009 (S.896) into law on May 20.
The new law provides renters with a minimum of 90 days notice before a tenant must vacate a property. If a buyer plans to use the property as his primary home, or the tenantâ€™s lease is month to month, or there is no lease at all, the tenant is entitled to at least 90 days notice.
If there is a lease, tenants will be allowed to stay for the duration of the lease before evictions can proceed. If a state offers greater protections to renters, the law allows the stronger protections to apply. These new rentersâ€™ rights also apply to Section 8 tenants.
The new tenant protections are effective immediately and expire December 31, 2012.