Dealing with Foreclosures can be a nightmare for homeowners, but they can also be just as frightening for tenants. If you are renting a home and are concerned about your rights, here is some pertinent information for you.
The Helping Families Save Their Homes Act of 2009 was signed into law, (5/20/09 - Pub. L. 111-22) which provides a 90-day notice requirement and additional protections for tenants in foreclosed properties. Below you will find the major provisions outlined under Title VII, Protecting Tenants at Foreclosure Act of 2009.
- During the term of the lease, the tenant has a right to remain in the unit and cannot be evicted, except for actions that constitute good cause.
- If the lease ends in less than 90 days, the new owner may not evict the tenant without giving the tenant at a minimum 90 days notice.
- At the end of the term of the lease, the new owner may terminate the tenancy if the new owner provides a 90-day notice.
- The new owner may terminate the tenancy if the owner will occupy the unit as a primary residence, and has provided the tenant a notice to vacate at least 90 days before the effective date of such notice. This is the only exception to the rule that the tenant may not be evicted during the term of the lease.
These provisions are due to expire on December 31, 2012.
Click here to read more provisions outlined under Title VII, Protecting Tenants at Foreclosure Act of 2009
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