Protecting Tenants Rights in Foreclosed Homes 2-Minute Real Estate Video

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Real Estate Broker/Owner with Preferred Home Brokers 00402040

Protecting the rights of tenants in foreclosed properties is an issue that's become prevelant in today's real estate. This could impact  renters in homes that are currently in the process of foreclosure or  homes which have already been taken back (foreclosed on) by the lender.

There are many times that honest tenants have been bamboozled (obviously been mislead) by owners of residential properties that have been in foreclosure and/or on the verge of the lender/bank taking the home back. Meaning they may even have recently rented a property, signed a lease for a period of time, paid their rent/lease payments only to find mortgage holder came knocking at the door!

And if that’s the case, what’s a tenant to do? Take a quick look at this 2-Minute Real Estate Video to learn more about tenants rights and the Federal Law more commonly known Title VII Protecting Tenants Rights AT Foreclosed ACT.

A Bona fide lease of tenancy - for purposes of this section:

1. the mortgagor or the child, spouse, or parent of the mortgagor under the contras is not the tenant:

2. the lease or tenancy was the result of an arms-length transaction: and

3. the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit's rent is reduced or subsidized due to a Federal, State or Local subsidy.

Please keep in mind this is a Federal law and there are some exclusions! CHECK WITH THE PROPER PROFESSIONAL for additionals laws in your state!

When you're looking for knowledgeable competent real estate help, contact me, Lynda@PreferredHomeBrokers.com, I'm the Broker & Owner of Preferrred Home Brokers and have been for decades. You can also reach me direct or text (714) 595-1494, and you can work with me or any of the great Preferred REALTORS®.     Lynda's 2-Minute Real Estate Video

Check out my other 2-Minute Real Estate Videos on You TubeTube!  

You can SUBSCRIBE HERE!

CA Broker License #00402040

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Ambassador
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional
Hi Lynda, That is great information for tenants and Landlords as well. To many people engaged and too few know what they are doing, :-)
Aug 24, 2012 12:49 PM #1
Rainmaker
552,472
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi William ~ Thank you for the commentary and I completely agree with you!

 

Aug 24, 2012 03:04 PM #2
Ambassador
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good morning Lynda -

Excellent post and information my friend.  I think William summed it quiet nicely. Checked out the Video and gave it a like.

Hope you enjoy a fantastic weekend in all you do!

John

Aug 25, 2012 12:59 AM #3
Rainmaker
552,472
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi John ~ Thanks for the nice comment & like, I appreciate you taking the time for both!

Aug 25, 2012 10:47 AM #4
Rainmaker
4,268,834
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lynda, great information, and landlords need to know what they are doing, or hire a property manager!   Tenants do have rights!

Aug 27, 2012 11:50 PM #5
Rainmaker
286,958
Tina Maraj
RE/MAX Cornerstone - Fullerton, CA
Top Agent in Fullerton 2016-2018 714-403-7901

Lynda,

 

This is very valuable information. Too many tenants do know their rights.

Aug 28, 2012 01:44 AM #6
Rainmaker
552,472
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Joan & Tina ~ Thanks for the comments, good hearing from you both. 

I see the tenant/lender issue as 2-fold, some tenants are just plain scammers, claiming they have a bona fide lease when they don't...& then the others who are truly mislead by unscrupulous owners...therefore it's necessary to assume they're all honest and work from that perspective.

Aug 29, 2012 04:21 PM #7
Ambassador
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Lynda  You presented the information in a very professional, but easily understood manner without being alarming

Sep 06, 2012 12:46 AM #8
Rainmaker
820,820
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Lynda, great information.  It's so unfortunate that so many are touched by the housing fiasco.  Hopefully, tenants who are in a foreclosed home situation will get some valuable insight into their rights.  

Sep 10, 2012 03:38 PM #9
Rainmaker
1,069,369
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Great work with this Lynda! I hope you are having a terrific year.

Sep 10, 2012 10:19 PM #10
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Lynda Eisenmann

Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
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