Does tenant need to vacate foreclosed home?

Does tenant need to vacate foreclosed home?
 
Does tenant need to vacate foreclosed home? - Apparently not.
There are lots of misleading and tricking information out there but the law says the tenants’ rights are protected as long as there is a valid Lease Agreement in place.

Majority of times lenders' representatives will try to scare people away with notices, warnings glued t o their front door, etc.
Lender legally should allow the tenants to finish the lease under proof of timely monthly payments under the Protecting Tenants at Foreclosure Act, which Congress passed in May of 2010. Even renters on a month-to-month lease basis have 90 days to vacate the premises.
 
The average person wouldn't know the law has changed, so it is important to do own research and educate ourselves.
 

It is very important for investors as well. If they buy a foreclosed home that has an existing tenant they comply with provisions of the Helping Families Save Their Homes Act of 2009.  The act went into effect on May of last year.
 

Here are some of the provisions of above law:
1.     The tenant is not the mortgagor or relative of mortgagor

2.     The lease requires proof of rent that is not significantly less than fair market value rent
3.     The lease was in effect as of the date when Trustee Sale Notice was filed (foreclosure)

 

 

 

 

© 2010 Megan Izdebska & Hanna Manoufar
AzPrimeHomes.com / SoldWithMegan.com

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