Final answer:
Tenants in foreclosed properties must receive at least a 90-day notice to vacate per federal law unless the new owner plans to occupy the property and even then, a 90-day notice applies.
Step-by-step explanation:
Tenants living in foreclosed residential properties do not have to vacate the property within 48 hours of the foreclosure. The correct answer is they have at least a 90-day notice to vacate the property per federal law. This law is known as the Protecting Tenants at Foreclosure Act, which reinstated federal protections for renters living in foreclosed properties. The protection stipulates that tenants with a bona fide lease can stay until the end of their lease term, and month-to-month tenants or tenants without a lease must be provided with at least a 90-day eviction notice. There are exceptions if the new owner intends to occupy the property as a primary residence, in which case a 90-day notice still applies.