The Federal Reserve Bank of Richmond, the Capital Area Foreclosure Network and Fannie Mae are hosting the Washington Metro Area Tenants Conference to help educate mortgage servicers, realtors, local government representatives, housing counselors and attorneys on new federal and state laws for tenants facing foreclosure. National and state experts in housing and foreclosure policy will review the laws for protecting tenants at foreclosure in Virginia, D.C., and Maryland and discuss strategies for ensuring that renters are aware of their rights. Legal Fannie Mae will discuss their policies for managing their REO properties occupied by renters. An attorney representing servicers will discuss policies and procedures related to evictions.
“Although a new federal law — as well as local and state laws — protect tenants whose landlord is in foreclosure, too often tenants are forced to leave their homes because they do not know their rights,” says Ellen Janes, regional community development manager at the Richmond Fed’s Baltimore branch. “We are offering an important workshop for community stakeholders and others involved in the transfer of homes due to foreclosure.”
Enacted in May 2010, the federal Protecting Tenants at Foreclosure Act provides that most tenants’ leases remain in effect in the event of foreclosure and tenants with a month-to-month lease be given at least a 90-day notice to vacate the property. D.C. laws provide even stronger protections. Foreclosure is not a valid reason for eviction in the District of Columbia. “Fannie Mae is committed to making sure tenants understand all their rights when their home is threatened by foreclosure,” said Rosie Allen Herring, Fannie Mae’s community relations director. “This conference will bring together stakeholders from across the region and provide them with vital information so they fully understand the protections that renters have.”
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