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What happens to your tenant after the foreclosure sale?

tenant of the foreclosure
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It’s possible that your foreclosure case has been ongoing for several years now. In this time, you may have decided to rent the property, knowing that foreclosure is a long process. However, your foreclosure case is finally coming to an end and the property is being sold at auction. What do you tell your tents to expect over the next several weeks?

You may have previously heard of the Protecting Tenants at Foreclosure Act of 2009, which allowed tenants to finish their lease, or stay for an additional 90 days if there wasn’t a written contract. The act was last extended until Dec. 31, 2014, and has not been reenacted since then. Meaning that these contracts must now follow traditional real estate law.

Real estate law generally dictates that an older agreement or deed takes precedence over a newer one. The mortgage agreement is the older of the agreements in this case; thus, the foreclosure trumps the renter agreement, unless or until the act is reinstated.

You or the current tenant can reach out to the new owner, pursuant to the foreclosure sale, to discuss the possibility of allowing them 60 to 90 days to move out of the property. This decision is entirely up to the new owner of the property.

Should the tenant not choose to vacate the property voluntarily, then they will be evicted by the court. There will be a hearing scheduled, the tenant will receive notice, and they will have the opportunity to ask the judge for an extension. Depending on the particular circumstance, the judge may decide to allow the tenant an extended amount of time to move out.

If you’re in need of a foreclosure attorney in Miami to represent your rights or your tenant’s rights, we can help. Whether it’s assisting with building a compelling presentation to show before the judge, explaining why your tenant deserves more time to prepare for their move or to assist with your foreclosure law Miami options. Our team is standing by and ready to help in any foreclosure matter you need help with.

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