Tenants Rights After Foreclosure

[virs]

What is the name of your state? NC

Question: If someone purchases a property at a foreclosure sale in NC, does the new title holder have to honor the lease signed by the tenant and the previous owner (the person/s who defaulted)?

I believe in a voluntary alienation (normal sale) the lease agreement must be honored by the new owner but I am wondering in an involuntary alienation (foreclosure), can the new owner break the lease agreement before the time is up?

Also, does any one know what NC statute cover this? I have checked chapters 22, 42 and 44 and cannot find any reference

http://www.ncga.state.nc.us/gascripts/Statutes/StatutesTOC.pl?Chapter

 

[ENASNI]

The lease stands

 

[seniorjudge]

What is the name of your state? NC

Question: If someone purchases a property at a foreclosure sale in NC, does the new title holder have to honor the lease signed by the tenant and the previous owner (the person/s who defaulted)?

I believe in a voluntary alienation (normal sale) the lease agreement must be honored by the new owner but I am wondering in an involuntary alienation (foreclosure), can the new owner break the lease agreement before the time is up?

Also, does any one know what NC statute cover this? I have checked chapters 22, 42 and 44 and cannot find any reference

http://www.ncga.state.nc.us/gascripts/Statutes/StatutesTOC.pl?Chapter

Was the lease written AFTER the loan that was foreclosed?

 

[ENASNI]

Was the lease written AFTER the loan that was foreclosed?

oopsy... missed that. (ahem) Witness... answer the question

 

[virs]

Was the lease written AFTER the loan that was foreclosed?

NO.

The foreclosure is due to HOA dues delinquency. The lease was written in 2004. The HOA dues delinquency filed in 2005 and ordered for foreclosure in Feb 2006.