Importantly, all rent-stabilized and rent-controlled tenants continue to enjoy "eviction protection," just as they do when new owners buy their properties. ( See New York Real Property Actions and Procedures Law, § § 1303 and following.) New York requires foreclosing lenders to give notices to tenants at the same time that they file a lawsuit to begin foreclosure proceedings. New York law does not contain an expiration date.
New York also covers tenants whose properties were dealt with in other ways besides foreclosure, such s a deed in lieu of foreclosure and a short sale, as long as the property was transferred during a foreclosure proceeding. But if the buyer intends to live on the property, the buyer may terminate the lease by giving 90 days' notice. Like the federal law, New York gives tenants with leases the right to remain in their homes until the lease expires. New York, like many states, has passed legislation that echoes the federal law. Tenants who rent month-to-month are entitled to 90 days' notice.Individuals who intend to use the property as their primary residence, who buy at the foreclosure sale or directly from the lender or mortgagee, may terminate leases with 90 days' notice.A bona fide tenant is one who is not the spouse, parent, or child of the former owner who negotiated the lease at "arms' length," and whose rent is not substantially below market value.(The notice of foreclosure is the date on which complete title to a property is transferred to a new owner as a result of a court order or in accordance with provisions in a security deed, deed of trust, or mortgage.) Tenants whose leases were signed before the "notice of foreclosure" get to live out their leases, as long as they are "bona fide" tenants, unless the exception below applies.It specifies, among other provisions, that: The Protecting Tenants At Foreclosure Act was signed by the President and became effective on May 20, 2009.
Landlords everywhere are covered by a federal law that spells-out the rights of new owners and resident tenants when a rental property is purchased at foreclosure.
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