Protecting Tenants at Foreclosure Act of 2009

January 31, 2010

Landlord Tenant Relations

Protecting Tenants at Foreclosure Act came into effect in May 2009, provides protection for tenants, including tenants in housing subsidized by Section 8, who are living in homes subject to foreclosure.Website Header 1

Highlights: Under the Protecting Tenants at Foreclosure Act:

  • All tenants must receive a 90-day notice before being evicted as the result of a foreclosure.
  • With some exceptions, the law requires that in the event of foreclosure, existing leases for renters are honored to the end of the term of their lease.
  • The stated exceptions are for tenants without a lease, tenants with a lease terminable at will under state law, or where the owner acquiring the property will occupy it as a primary residence. In these cases, the tenants must receive a minimum of 90 days notice to vacate the property.
  • This law does not affect the requirements of any state or local law that provides longer time periods or other additional protections for tenants.
  • The new law does not require any agency to issue implementing regulations; these protections apply to foreclosures after May 20, 2009.
  • FDIC examiners will monitor and enforce compliance with the requirements of this law in the same manner as other consumer protection laws and regulations.

For a full description, go to – http://www.fdic.gov/news/news/financial/2009/fil09056.html


Share and Enjoy:
  • Facebook
  • Twitter
  • LinkedIn
  • MySpace
  • del.icio.us
  • Digg
  • StumbleUpon
  • Technorati
  • FriendFeed
  • RSS
, , , ,

No comments yet.

Leave a Reply