My apartment is supposed to go into foreclosure on August 12th. My landlord has worked out an agreement for me to move into another property that he manages if and when this happens. I’m just looking for advice such as how long will I have to move after the property is auctioned off and anything else that may be useful. What are my rights? I live in North Carolina
Repossession
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Tenants in foreclosed properties are now protected under federal law from immediate eviction. The “successor in interest”/new owner must give tenants a minimum of 90 days notice to vacate. Tenants may be entitled to remain in the unit for the remainder of the lease term, unless the new owner intends to occupy the foreclosed property. Even if the new owner does intend to occupy, the 90 day notice requirement applies.
You must continue to pay rent or you can be evicted like any other non-paying tenant, and the 90 day notice requirement would not apply.