Real Estate Blog - Foreclosed Rental Property-Issues for Tentants and Landlords

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Foreclosed Rental Property-Issues for Tentants and Landlords

This year we have had some of our home buyers needing to buy a home quickly because they were going to end up on the street due to the landlord of their rental being foreclosed on. When a mom comes home with her little babies and finds a note taped to the door of her rental that says the home is now going into foreclosure, panic sets in and the family needs to get a home quikcly.

Under a new federal law that took effect May 20, 2009 there are some new rules and changes that affect the renter and the landlord. Most times whether one is a renter or the landlord they should seek legal advice to be sure of their obligations and rights under this new law.

There are also some new tools for renters where they can check up on a landlord to see if the owner is behind on their mortgage, or to check on a property BEFORE they sign a lease.

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This post is copyright of Bob and Carolin Benjamin, Benjamin Realty LLC, Gold Canyon and East Phoenix Arizona Valley Realtors. 480-201-3001.

Posted by Bob & Carolin Benjamin - E Phoenix Arizona Real Estate on 09/21/2009 03:32 AM

Comments (9)

Landlords and Tentants in the Regional (Localism) Channel

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Originally posted at: East Phoenix AZ Real Estate Blog: Foreclosed Rental Property-Issues for Tentants and Landlords

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9 Comments on Foreclosed Rental Property-Issues for Tentants and Landlords

SEP

Thanks for sharing this information that can help many tenants. Best wishes for continued success.

Just an FYI for anyone who purchased an REO and needs to evict the tenants: be sure to check with your local laws regarding the type of unlawful detainer (UD) action you need to file...in our county, it is different than a regular UD. If you intend to occupy the property as your primary residence, the tenants need 90 days notice; otherwise, you can give them 90 days notice after the expiration date of their current lease.

Bob, Carolin,

If tenants want security they should become home owners! Harsh though it may be it takes as little as 3 days in some states for renters to become street people. Home owners in some areas can drag out forecloser as much as a year.

If you want to control your own destiney buy a home.

Bill

A good reminder when representing a tenant (because Bill, not everyone these days can qualify for or have the down payment to become a home owner) that the agent should check on when the home was purchased, for how much and what it's current value is, to be sure the owner isn't upside down on their mortgage and a potential prospect for foreclosure.

Bob,

In Idaho there is new legislation to protect renters from this. They get 10 days notice and 90 days to relocate.

Bob & Carolin, It sounds like a good bill. It's frightening to think anyone renting can just get thrown out like that.

SEP

A couple of years ago we had renters coming home from work to find that the locks had been changed on the doors and all their possessions removed. Since then, California has gotten tought on this type of stuff. I believe it's even tougher than the federal law.

SEP

Unfortunately for us and the banks, the government made it so the banks have to continue with the lease until it runs out. I think this is a mistake and I see more banks getting in to the landlord business to try to make profits from their foreclosures. They maybe even able to wait until the market comes back and make a profit on their foreclosed properties.

Todd Clark - www.LivingBeaverton.com

SEP

This is important information for renters to have. There are many who are running into this problem.

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