Upcoming Foreclosures

What are my options if Fannie Mae bought the home I rent at auction after foreclosure?

I just found out the home I'm renting has been foreclosed on and Fannie Mae owns it. The property manager was just as shocked as we were and says there is no money in the account. There is no mortgage or foreclosure clause in the lease. Do the new owners have to honor my lease, which expires in February? BTW, I'm in Virginia...Thanks.

Public Comments

1. No they do not but Fannie Mae prefers a you stay and continue to pay rent until the house is sold. Expect a letter from them shortly
2. If you are a bona fide tenant, then YES, the new owners must honor your lease. Until you hear from the new owners, you continue to pay rent as you have. The main exceptions to this is if the new owner plans to move in or if you are not a bona fide tenant. http://www.hacla.org/attachments/wysiwyg/10/PL111.22TitleVII.pdf