Institutions are reminded that notwithstanding any executive orders regarding foreclosures or evictions regarding shorter time periods, if an institution becomes the successor in interest of a dwelling or residential real property in which a bona fide tenant resides, such tenant must be provided with a notice to vacate at least 90-days prior to the effective date of such notice to vacate.
Bona fide tenants must be permitted to remain in the residence until the end of the remaining term of the lease when such bona fide lease was entered into before the notice of foreclosure to occupy the premises. An institution may terminate the lease sooner if: (i) effective on the date the property is sold after foreclosure to a purchaser who will occupy the property as a primary residence; or (ii) if there is no lease or the lease is terminable at will under state law. Institutions must also satisfy any applicable requirements for termination of any federal or state-subsidized tenancy or of any state or local law that provides longer time periods or other additional protections for tenants.
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