Protecting Tenants at Foreclosure Act of 2009
I can’t believe this hasn’t been discussed since the bill was signed into law back in on May 20. Senate bill 897 Helping Families Save Their Homes Act of 2009 also known as the Protecting Tenants at Foreclosure Act of 2009 was signed into law. The law allows renters to stay in home that is foreclosed on. Basically the law provides that the terms of the lease must be honored after the foreclosure. If there are less that 90 days left in the leas the renter must be given 90 days noticed. The law is supposed to expire after December 31, 2012. The law also applies to properties bought by an investor, so a property that currently has tenants, the lease would have to be honored. Any thoughts?