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25% of Servicemembers are Homeowners?

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Real Estate Agent with Want To Go Home Realty

25% of servicemembers are homeowners, therefore,  foreclosure of rented homes can potentially affect most of the military. Protecting Tenants at Foreclosure Act of 2009, ensures that military renters aren't forced out of their homes if foreclosure occurs (and a new landlord takes over).  

This legislation gives renters the right to stay in their rental throughout their lease unless the new owner is moving into the home or if the renter is renting under a month-to-month lease.  This law also gives renters at least 90 days before they can be evicted.  Before the law went into effect, only individual state protection was available (or none at all).  There is now consistancy from state to state, whereas before, there was none at all.  The law provides protection for all renters, no matter where they live (in the US)

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Ginny Reed REALTOR®
910-578-5416 direct
Fusion Properties
Fayetteville, NC
Specializing in Military Moves & 1st Time Homebuyers

Almost anyone can sell real estate, but only Realtors® are backed by the National Association of Realtors® & are bound by its strict Code of Ethics.

 

Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC
This is wonderful news for the many members of our armed forces. They should certainly be protected from this scenario.
Nov 08, 2011 09:46 AM
Krista Abshure
Fathom Realty - Fuquay Varina, NC

Great information, thanks so much for sharing.  It is so important that we all help service members become aware of their rights! After all the military members and their families sacrifice for us, it's nice to be able to help them!

Nov 08, 2011 09:46 AM
Ginny Reed
Want To Go Home Realty - Fayetteville, NC

Thank you Lise & Krista.  Please feel free to Re-Blog and get the message out there!  Have a great evening.

Nov 08, 2011 09:49 AM