Rent it Right
On the other hand, it may be just as reasonable to expect tenants to know what will happen to their lease if a foreclosure happens. Folks in this camp would argue that mandatory disclosures should be reserved for information that tenants cannot readily discover on their own, such as the owner's contact information, how much energy the unit consumed during the past winter's months, the unit's history as to mold or bedbugs, and so on. Making landlords educate tenants on the law or on issues that are of public record could be seen as a bit too much -- just as landlords are expected to learn and apply the law, so too should tenants know the rules and do their due diligence.
In short, perhaps any tenant renting these days should know about the ever-present threat of foreclosure, and what could happen to their tenancy if the property is foreclosed on. That might spur them to check into the landlord's stability more closely, such as asking whether the landlord has been in default, and even checking local court records for any recorded notices of default.
Janet Portman is an attorney and managing editor at Nolo. She specializes in landlord/tenant law and is co-author of "Every Landlord's Legal Guide" and "Every Tenant's Legal Guide." She can be reached at email@example.com.
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