Q: My home is in foreclosure and will go to sale in June. After sale when will they need to be out? Their rent is < FMV
A: With some limitations, the bank must either assume the tenants until the lease term expires or the bank must offer a buy-out to the renters to terminate the lease early. I recommend that you notify the renters of the anticipated foreclosure because AND notify the bank of the renters because the renters are undeniably third party beneficiaries to the property.
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