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May 26, 2009

Renters now protected if home is in foreclosure

  • Tenants can stay in their foreclosed rental through the end of their lease and then 90 days after that.
    • By J.W. ELPHINSTONE
    AP Real Estate Writer

    Buried in a housing law signed last week by President Barack Obama are protections that will help thousands of renters stay in their homes — at least for awhile — after their landlord has been foreclosed on.

    The law allows tenants to remain in their foreclosed rentals through the end of their lease and then 90 days after that before being forced to vacate by the lender. Renters without leases will have 90 days, a significant improvement over what most received before: almost no notice at all.


     
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