I live in GA. I have been renting a house but just got a notice that the owner has not paid the mortgage. They are now foreclosing on the ho...

Question

I live in GA. I have been renting a house but just got a notice that the owner has not paid the mortgage. They are now foreclosing on the home. Is there anything I can do?

Answer

Unfortunately, at some point you will likely have to move.

Before President Obama signed the "Protecting Tenants at Foreclosure Act of 2009," most renters lost their leases upon foreclosure. But this legislation provided that leases would survive a foreclosure. The tenant could stay at least until the end of the lease, and month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).

An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice.

Smart move: talk to the buyer at the foreclosure. They may want to keep you longer than the 90 days or end of the lease. But that's up to them.