Protecting Tenants at Foreclosure Act of 2009 (signed by President Obama May 20, 2009.)
This legislation provided that leases would survive a foreclosure — meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days’ notice before having to move out (this notice period is longer than any state’s non-foreclosure notice period, a real boon to tenants).
An exception was carved out for the buyer who intends to live on the property — this buyer may terminate a lease with 90 days’ notice.
Source: http://www.nolo.com/legal-encyclopedia/article-30064.html
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