Is it illegal to sell your property? It might be if...

Owners and Investors may have to wait to sell. And here's why:

The laws relating to foreclosure in Florida have recently changed. The story might be best told through the experience of the Schumachers of Jacksonville, who moved into a rental property in 2013. The owner told them up front that the house was in foreclosure. But Mr. Schumacher, a mortgage lawyer himself, knew a federal act was in place to protect Florida tenants. The law gave renters the right to stay in the property until their lease expired - or at the very least 90 days. The law was temporary, though, and expired on December 31, 2014.

In February of 2015, the house had been foreclosed on and the new owners issued a notice to vacate immediately. Schumacher wrote a response relying on the federal act, expecting to have 90 days to move out.

At the court hearing, the judge said the old law didn't apply but he did give the Schumachers six days to move. Because of situations like this, the Florida Alliance for Consumer Protection lobbied for a recent change in Florida law that now guarantees renters at least 30 days to move.

That doesn't mean that banks/owners/investors/ HAVE to evict someone after 30 days; they can wait longer than the minimum, and even keep the current renters in place if they like. The fact remains, though, that banks and other purchasers can now take possession of a property 30 days after getting the title to it.