A foreclosure usually closes out all subordinate interests, including leases. Once the foreclosure and sale are complete, your rights and interests under the lease are usually terminated. Continued occupancy would be on a month to month basis. It is possible that you could enter into an agreement with the lender or the purchaser at the foreclosure sale for continued occupancy.
Also foreclosures are a process not an event. From the first filing, it can take anywhere from 6 months to 24 months before the sale, depending on many factors including how vigorously the action is defended. You should have been named in the foreclosure complaint as a tenant, so you have the right to participate in the lawsuit. I suggest that you get an attorney who might be able to protect your interests in the lawsuit, and possibly recover some of the value that you have added to the property.
This is specific to Florida law and does not constitute legal advice as the facts presented are anonymous and incomplete. This is intended for general education only and does not create an attorney-client relationship. This should not be relied on and you must seek your own attorney client relationship.
Answered on Sep 10th, 2012 at 8:55 AM