What if the Owner does not make the mortgage payments and the house gets foreclosed?
Recent Federal Legislation allows existing tenants to remain in their rental homes during the unlikely event that an occupied rental home goes into a foreclosure process. Under TITLE VII–PROTECTING TENANTS AT FORECLOSURE ACT, all of the obligations of the pre-existing lease remain active, and tenants can generally remain in the homes through the end of the pre-existing lease agreement. Minnesota has subsequently enacted revised State Statutes addressing foreclosure during active tenancies. (See Minnesota Foreclosure Law). ยป Featured Properties – See some of our featured rental homes available in the Twin Cities.
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