Legal Question in Credit and Debt Law in Pennsylvania
what are the legal ramifications of foreclosure on rental units in Pennsylvania
Asked on 7/16/12, 11:00 am
1 Answer from Attorneys
You are providing no details. Try re-posting your question with more facts. Are you a tenant? Or the landlord?
Basically, the lender is allowed to foreclose. A federal law, the Protecting Tenants at Foreclosure, provides that a tenant can stay in the property, even after foreclosure for 90 days or until the lease expires. Foreclosure does not mean the tenant is excused from paying rent. Up until the foreclosure sale, the tenany would pay rent to the landlord/owner. After foreclosure, rent is paid to the new owner.
Answered on 7/16/12, 11:53 pm