What are the rights of a tenant if the property is in foreclosure?

When a property is in foreclosure, it means that a secured creditor such as a lender has taken legal action against the homeowner to repossess the home. In South Carolina, tenants living in a home that is in foreclosure have certain rights and protections that must be respected. Tenants are allowed to stay in the home until the foreclosure process is complete. However, the tenant must continue to pay rent during this time. The tenant is not responsible for any payments due to the homeowner in regards to the foreclosure. If the tenant has a lease that is longer than the amount of time the lender has to complete the foreclosure process, then the tenant has the right to stay until the end of the lease. The lender does not have the right to evict the tenant prior to the end of the lease. Tenants also have certain rights when it comes to obtaining refunds for security deposits. The tenant is entitled to a refund of their security deposit within 15 days of the foreclosure sale. The refund must either be made in cash or check payable to the tenant. In South Carolina, tenants in properties that are in foreclosure are protected from eviction unless the property is sold to someone who wants to move in and occupy it as a primary residence. Tenants are also protected from physical or verbal abuse from the lender or new owner.

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What are the rights of a tenant if the property is in foreclosure?

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