Foreclosures and Renters: What Are Your Rights?

When you hear about foreclosures on the news or read about foreclosures in the newspaper, you will see that most of the attention is placed on the homeowner in trouble. Unfortunately, it seems as if renters have simply just been forgotten. That doesn’t, however, mean that they are exempt from foreclosure related evictions. If you are a tenant of a rental property, foreclosure should be a concerned of yours.

The most common fear of renters is coming home to a sign on the door stating that they must be out within twenty-four hours. Typically, this will not happen. Many states have laws that are designed to prevent this from happening. Although it does vary, depending on the state, banks are usually required to post foreclosure notices on the building within twenty days. These are notices that you should be able to spot.