New Law to Protect Rental Tenants When Home is in Foreclosure Las Vegas Real Estate Update
This is directly from the NATIONAL ASSOCIATION OF REALTORS® Washington Report
New Law to Protect Rental Tenants When Home is in Foreclosure
The "Helping Families Save Their Homes Act of 2009" included some provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented.
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon.
A number of states have existing laws protecting tenants. This law will preempt existing state law, except where the state law offers greater protection.
The protections of this law apply only to "bona fide" tenants - who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property. Under any conditions, tenants may still be evicted if they violate the lease terms.
These provisions expire on December 31, 2012.
Do you know someone who is upside down on their mortgage and they need to sell their home?
Feel free to pass on my information.
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