We Are Renting a House in Foreclosure - What Are Our Rights

[Rayj00]

My question involves a mortgage in the state of: SC

The house that I am renting is in foreclose proceeding. We have not received anything official from the bank that holds the mortgage.
However a lady came to our door last week with papers, thinking we were the owners. She had forclosure papers but did not leave
anything with us.

My question is does the bank have to officially notify us about what is going on and tell us our options or can they just drop a 30 day notice on us?

We were told via the property manager that the house is in foreclosure. We are aware of the "Protecting Tenants At Foreclosure Act" that
is in effect until Dec. 2012.

Basically we want to know if the bank has to officially notify us for the 90 day period to kick in or can they drop a 30 day notice to vacate
after 60 days?

Obviously, (and I am be honest here), we are wondering how much we can save by prolonging this as we will not be paying rent any longer.

Thanks,

Rayj00

[Mr. Knowitall]

You don't own the property. The bank has no relationship with you. Unless and until a foreclosure actually occurs, your landlord remains your landlord.

If you are current on you rent when a foreclosure occurs (assuming that happens) in most cases you can take advantage of the Protecting Tenants at Foreclosure Act, and stay at least another 90 days (paying rent to the new owner).

If you choose not to pay rent, quite obviously you can be evicted for nonpayment of rent.

[Rayj00]

You don't own the property. The bank has no relationship with you. Unless and until a foreclosure actually occurs, your landlord remains your landlord.

If you are current on you rent when a foreclosure occurs (assuming that happens) in most cases you can take advantage of the Protecting Tenants at Foreclosure Act, and stay at least another 90 days (paying rent to the new owner).

If you choose not to pay rent, quite obviously you can be evicted for nonpayment of rent.

Pay rent to who? The owner has let the house go. The RE manager told us to stop paying.
We have heard nothing from the bank. I am assuming that our 90 day grace period
starts when the bank notifies us of foreclosure proceedings?

[Mr. Knowitall]

We're not the psychic friends network - if there are facts important to your question, you need to include them up-front, not dribble them into your posts as we go along.

As you were told, the landlord owns the property until it is sold. Once it is sold, you can determine who the new owner is, whether your tenancy falls under the Protecting Tenants at Foreclosure Act such that it will extent for 90 or more days, and whether they will try to make anything of your not paying rent per the newly described statement from the management company. I am surprised that the management company would say something like that, unless it has been fired, as it would otherwise continue to charge fees against the rent it collects.