Belt Auction

Question about rental home going in to foreclosure?

I have neighbors that rent the home across the street from us. They told us about a month ago that the house was going up for auction. The auction was on the courthouse steps today and no one bid on the house. They tried to buy the house, but they don't have much cash and no credit. My main question is, how long are they going to be able to stay in the house? What happens from here? Thanks in advance!

Public Comments

1. It depends on the State you live in. For instance in California the foreclosure time frame can be 30 to 90 days. In other states it could be 6 months. You can look online for the foreclosure rules in your state. I would tell them to look for another place to live, sorry if that's harsh but it's the best thing to do.
2. Thanks to a law signed into force this summer, they have at least 90 days before they have to move out. If the new owner wants to occupy the house, they have to give 90 days notice to the renters. If the bank owns the house, or if an investor buys it, the renters can stay until the end of their lease.