In a lot of cases no. However, President Obama did sign “Protecting Tenants at Foreclosure Act of 2009” because most renters lost their lease upon foreclosure. However, this rule changed that stating that tenant leases would survive foreclosure proceedings. This has to be wonderful for tenants because we have heard far too many horror stories of tenants having no idea that the home they were renting in was being foreclosed and needed to find a new home. What a horrible dilemma for any family to be in. This will help alleviate that.
However, I do believe a new law maybe coming into affect soon that will require homeowners to tell their tenants that a foreclosure proceeding is in process. I will keep you posted.