Owner signed lease one month before auction

[Tara G.]

We bid on a SFH atthe courthouse and are the highest bidders after the ten day upset period. In the meantime, we did our research and figured out that the owner moved out in June this year and has a tenant in the home for the past pne month, per the neighbors. Is this a valid lease, if there is one, under the PTFA? How can a lease signed one month before the auction be valid? The notice of default was first filed in 2008 per the register of deeds..
Thanks for any help...

[Steve Babiak]

Justin S. - I'm not so sure about that, since this was revised to have a different interpretation from the original. Here is a link:

http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/ptfa.pdf

Originally posted by revised Protecting Tenants at Foreclosure Act:

...
The date of a “notice of foreclosure” is defined as the date on which complete title
to a property is transferred to a successor entity or a person as a result of a court
order or pursuant to provisions in a mortgage, deed of trust, or security deed.
...

It's at least 90 days notice to vacate.

Unfortunately, as I mentioned in some other thread, it does nothing to protect the buyer at foreclosure - it is strictly meant to be tenant friendly. So the landlord facing foreclosure can screw an eventual buyer.