Foreclosure: Renter's Rights Overview
Learning your rental home has fallen into foreclosure can be frightening. The idea that a bank or a new owner can put you on the street with little or no notice is ever present, but the good news is you as a renter have rights in the event that your home enters foreclosure.
Federal Legislation Protects Renters
The Protecting Tenants at Foreclosure Act of 2009 gives tenants protection in the event of foreclosure. This legislation gives renters the opportunity to remain in their home for the length of their lease, and gives renters who rent their homes month-to-month 90 days to vacate the home. The Protecting Tenants at Foreclosure Act supercedes any state legislation that would give renters less time to vacate upon foreclosure.
Lease Holders
Renters with leases are afforded more rights when it comes to foreclosure than renters who do not have paperwork stating the terms of their rental. Renters may end up paying rent to three different landlords before their lease is over, but federal legislation dictates that banks and other owners who assume control of properties when a debtor fails to pay or owners who obtain them by purchase after foreclosure adhere to the conditions of the original lease.
The only major exception to the rights that lease holders have in the event of foreclosure is that of new owners who plan to use the property as a primary residence. If the owners have purchased the property as their primary home, lease holders have 90 days in which to vacate the home.
Monthly Renters
While monthly renters do not have all the protections that are afforded those who lease, federal legislation does give month-by-month renters a generous amount of time to find a new home in the event that their rental home is foreclosed upon. The 90 days extended to renters by federal law is much more amenable than the state laws that the federal legislation trumps; most states allow landlords to give renters 30 days to vacate the property.
Special Protections
Renters whose local city or state laws offer even more legal protections than those guaranteed by the Protecting Tenants at Foreclose Act have local, state and federal law on their side in the event of foreclosure. Those who rent in cities where rent control "just cause" eviction protections are in place will still be afforded these protections if their homes are foreclosed upon. Banks or new owners who acquire these rental properties can only evict under local ordinances' "just causes" for eviction.
United States Foreclosure Laws
foreclosurelaw.orgThis site will help you research foreclosure laws for any state in the U.S. as well as The District of Columbia
RentLaw.com - Landlord Tenant Law Rights Security Deposits ...
www.rentlaw.comLandlord Tenant Law for all 50 states. Summary of Tenant Landlord Laws, Free Landlord Tenant forms, Tenant Screening Services, Articles more.
Foreclosure - Wikipedia, the free encyclopedia
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Local Tenant Rights, Laws, and Protections: Tennessee
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The Klein Law Group - A Florida Tenant's Guide to Foreclosure
www.kleinfirm.com/florida-tenant-foreclosure-guide.htmlA Florida Tenant's Guide to Foreclosure. This site provides information about the law designed to help users safely cope with their own legal needs.
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www.foreclosurelawfirms.com/.../procedure-overview.htmCommercial foreclosures are, in most cases, very similar to residential foreclosures. The foreclosure may be nonjudicial or judicial depending on the state where the ...
Foreclosure - FindLaw
realestate.findlaw.com/foreclosureWelcome to the Foreclosure section of FindLaw's Real Estate Center, providing information and resources if you or a loved one are behind on mortgage payments,
Metropolitan Tenants Organization
www.tenants-rights.orgOrganizes, empowers, and educates tenants in Chicago.
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