Legal Question in Real Estate Law in New York

Re: real estate law

The lease agreement is between you and your landlord. If the property is foreclosed, you may be evicted from the property by the bank or mortgage lender. In New York, there is no notice requirement once a building is foreclosed and the eviction could appear on your credit report even though you had nothing to do with it.

If you are living in a rent regulated/stabilized apartment, you may have some protection to remain. Otherwise, it may be a wise idea to search for a new apartment and have your landlord keep you posted on the foreclosure process.