Tenants Rights After Foreclosure
When a home that is being rented is foreclosed on, the tenants are often left wondering what their rights are. Before, 2009, tenants in this situation, had no rights. However, the passage of the Protecting Tenants at Foreclosure Act changed things.
Under this law, a tenant who is in a lease is allowed to remain in a property after foreclosure until the lease expires. Moreover, a tenant who is in a month to month agreement, is allowed to remain in the property for 90 days after the foreclosure sale.
There is an exception for foreclosure sale purchasers who intend to occupy the property as their primary residence. The Protecting Tenants at Foreclosure Act requires owner occupants to give a tenant 90 days notice that he or she must vacate the premises.
In states that have similar laws protecting tenants from eviction after foreclosure, state law preempts federal law if it affords greater protection than the Protecting Tenants at Foreclosure Act. This legislation also protects Section 8 tenants.
To learn more about the Protecting Tenants at Foreclosure Act of 2009, visit http://www.nolo.com/legal-encyclopedia/renters-foreclosure-what-are-their-30064.html
Under this law, a tenant who is in a lease is allowed to remain in a property after foreclosure until the lease expires. Moreover, a tenant who is in a month to month agreement, is allowed to remain in the property for 90 days after the foreclosure sale.
There is an exception for foreclosure sale purchasers who intend to occupy the property as their primary residence. The Protecting Tenants at Foreclosure Act requires owner occupants to give a tenant 90 days notice that he or she must vacate the premises.
In states that have similar laws protecting tenants from eviction after foreclosure, state law preempts federal law if it affords greater protection than the Protecting Tenants at Foreclosure Act. This legislation also protects Section 8 tenants.
To learn more about the Protecting Tenants at Foreclosure Act of 2009, visit http://www.nolo.com/legal-encyclopedia/renters-foreclosure-what-are-their-30064.html
Comments
Post a Comment