Quite often a property owner will find themselves violating the law while attempting to make the best of their personal foreclosure situation. In most situations, when a tenant is renting a Minnesota foreclosed property, the tenant has certain rights that must be protected by the property owner (borrower) and by the lender.
In many foreclosure situations, a tenant of residential property will be entitled to 90-day notice and completion of their lease term. The sale or transfer of property does not terminate a lease. There are exceptions, including when the foreclosure purchaser intends to occupy the property. In that case, a tenant is still entitled to a 90-day notice.
Click here for the text of the Protecting Tenants at Foreclosure Act.
If you believe that you are entitled to foreclosure protection, you should seek competent legal advice and assistance. This information is general in nature and specific to Minnesota Law.