The protecting tenants at foreclosure act came about this year. As many homeowners have been faced with foreclosure many tenants who were renting the homes found themselves out on the street with little or no notice.
The government took notice and developed this act to help protect them from loosing their homes and ending up on the streets.
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The new law allows tenants who have a lease to remain in their home until the end of the lease period unless a new owner purchases the home at a foreclosure sale and intends to occupy it as a personal residence. In that case, the renter can be evicted with 90 days notice even if a longer-term lease is in force.
A rare but potentially important exception occurs if the renter signed the lease before the owner obtained the foreclosed loan. In that case, the lease will still "survive" the foreclosure, according to Janet Portman, an attorney and author of "Every Tenant's Legal Guide."
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For more of the story,
Renter safety net.
12-13-2009, 02:28 AM
Protecting tenants at foreclosure act.
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