New Law Gives Renters Protection During Foreclosure, according to the National Low Income Housing Coalition.  I've heard too many stories about homeless families because THEY paid their rent on time BUT the homeowner did not pay the mortgage!  I jumped up and down when I read this new law.

An urgent email from the National Low Income Housing Coalition says:

"Important protections for tenants living in foreclosed properties were signed into law by President Obama.  The renter protection provisions took effect immediately and expire at the end of 2012.   S. 896 contains key renter protections, advocated for by NLIHC and other organizations:

• 90-day pre-eviction notice to tenants whose homes have gone into foreclosure.
• The rights of tenants to remain in their homes for the terms of their leases. (However, if the new owner will live in the home, leases can be terminated subject to the 90 day notice.)
• Tenants with Section 8 vouchers able to remain with both their lease and rental assistance payments intact, subject to the rights of the purchaser at foreclosure who wants to occupy the home after 90 days notice.

"Currently, in most states, renters get little or no notice to vacate their homes upon their landlords' foreclosures.  The new federal law will not preempt state laws that provide a greater level of renter protections at foreclosure."  

Thank you for all your advocacy and support to make sure innocent renters are offered protection against losing their homes without reasonable notice.   For more information, visit www.nlihc.org or contact the NLIHC Outreach Team at (202) 662-1530 or at outreach@nlihc.org.

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Author of forthcoming book, "Virtual Office Guide for Business Professionals:  Work & Profit from Home"
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Text copyright © 2009 R.P. Brown, All Rights Reserved