Upcoming Foreclosures

Question regarding the new federal law - Tenants rights due to foreclosure?

I'm a tenant in San Jose, CA and I just signed a lease which will expire in July 1, 2010. Yesterday, I was informed that the house i'm renting at is in foreclosure and it appears the bank will take this house back very soon. I paid a lot of money to move in this house and this is not fair to me. I heard a friend mentioned this new federal law which will grant us the right to stay in this rental house for a period of time. I still have 11 months left on my lease with the landlord. How many months do i have left until the bank can evict me, even though i'm still paying rent to my landlord?

Public Comments

1. I doubt there is any federal law on this--but there is a state law that should make you smile! With rare exceptions, leases go with the property! Thus, when your home is sold to whomever, they get the deed to a nice lot, the house on top of it, easements for utilities AND your lease. UNLESS Y O U violate the lease--you are their legal PAYING GUEST for 1 more year. It is that simple. Happy tenancy!
2. President Obama signed Senate Bill 896 into law this past May. The law protects bona fide tenants who are facing your situation. You will have a minimum of 90 days (and possibly the duration of your lease) to stay in the premises, as long as you honor your lease agreement.
3. You have 90 days after the bank takes over the property, you pay rent to them during those 90 days, they can evict you in 3 days (takes about 3 weeks though) if you do not.