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Tenants Beware of Rentals in Foreclosure
Down here in South Florida, the demand for rentals has shot up drastically, and so have the rental prices. Part of the reason why rentals have become so popular is because many former homeowners now have a short sale or a foreclosure on their record, and so they must wait a minimum of 4 years (in most cases) before qualifying for loan to purchase a new home. Many landlords are also homeowners who are in foreclosure, and that brings up the question of: what happens if you're renting a property that goes into foreclosure?
A local attorney, Peter Sobota, answered this question in our local news magazine, DRW. According to Mr. Sobota, because the lender's interest in the property is greater than the renter's interest, under basic property law, the sheriff can come and serve you with a writ of eviction at any point. Fortunately, Congress passed the Protecting Tenants at Foreclosure Act in May 2009, which gives tenants a minimum of 90 days written notice before being evicted as a result of a foreclosure. If the tenant entered the lease pior to the foreclosure action, the tenant can stay in the property for the remainder of their lease term, as ... more

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