Although we usually hear about foreclosure affecting the owners of properties, there are many times when renters get caught in the middle. As a renter, you do have rights and with foreclosures being at an all-time high, it’s important to know what those rights are.

If you are a tenant living in a property that is being foreclosed, you may be affected even though you may have a lease. In fact, at some point, you may even receive an eviction notice. This is definitely a cause for concern but be aware that even though you don’t own the property you do have rights.

For one thing, you are entitled to an eviction notice. If you don’t formally get a notice, you will know about an impending eviction because there have to be notices posted on the building for a period of around 20 days, depending on your state of residence.

If you at all suspect that your landlord may be headed for foreclosure, you can check foreclosure listings online. By law, properties in foreclosure are a matter of public record.

In some states, a lease protects the tenant from being evicted for the term of the lease. Even if a new owner takes over ownership, they must by law, honor the lease agreement. You can check if this is the case in your state by contacting your municipal government office.

You may have even more protection from eviction if you are renting a unit that is part of a subsidized housing program. Again check with your local government for more information.

You as a renter need to be aware of your rights. A new owner may be anxious for you to vacate the property so may try to tell you that your lease is no longer valid. If you have a valid lease, be aware that you cannot be forcibly removed from the premises without a formal eviction notice being served and until the proper waiting period has elapsed.

Until this has occurred, the new owner cannot legally change your locks, remove your belongings, or shut off the utilities. If this occurs, contact the authorities and a lawyer. If your utilities are turned off, contact the health department without delay.

A real concern for renters affected by a landlord’s foreclosure is the security deposit they paid when moving in. Unfortunately, a new owner is not usually legally required to repay this deposit. You can bring legal action against your landlord to try to get it back. But it’s doubtful how successful you will be in recovering this money.

Hopefully, as a renter you will never be affected by foreclosure. But if you are, knowing your rights may help you to deal with the situation.