Tenant's rights in foreclosureUnderstand your rights as a renter in foreclosure1. I just found out my building is in foreclosure, what should I do?The first thing to do when you get notice that your home is in foreclosure is to send a copy of your lease agreement or month to month rental agreement to the bank or person foreclosing on the home. If you do not have a written agreement with your landlord, you can send things such as rent receipts, to prove that you are a tenant. You should also send a copy of the sample letter #1 attached to this flyer with your agreement. Keep a copy of the paperwork you
send to the foreclosing entity. This will let the foreclosing entity know that you have the legal right to live at the home and require them to
serve you with the notices discussed in #3.
2. Do I have to move out immediately?No. Before you are required to move out, you will be sent a notice to move out by either your
landlord or the person or business that buys the home at foreclosure.
3. What does a foreclosure mean to me as a tenant?Many renters will be forced to move out of their home after the landlord is foreclosed upon and the home has new owners.
If you are on a month to month rental agreement, the new owner is required to give you a 90 day notice to move out.
If you have a lease, the owner must allow you to stay in your home until your lease expires. If your lease expires in less than 90 days, then the new owner must give you 90 days notice to move. Regardless of when your lease expires, if the new owner wants to move into the home as their primary residence, the new owner can give you a 90 day notice to move.
The new owner can only give you a notice to move out once they become the owner of the home. You should do your best to move out by the date in the notice. If you are unable to move out before the notice expires, you should call the new owner to see if they will give you more time to move out. If you have a disability that makes it difficult for you to move out, you may request a reasonable accommodation for more time to move out.
Once the notice period is up, the new owner can begin an eviction court action to force you to
move out.
* If your home was foreclosed upon before May 20, 2009, the purchaser of your home might be
able to give you less time to move out. Talk to a lawyer for more information on what type of
notice you are entitled to.
* If your lease/rental agreement was signed before the landlord obtained the loan that is being foreclosed upon, your rights might be different. You should take to an attorney about your rights.Tenant's rights in foreclosure is continued at
PortlandForeclosure.com
market bounces back with the Dow back up over 10,000 as investors are buoyed by hopes of a Greek bailout plan as well as positive comments from analysts on industrial stocks. The MBS market continues to be thinly traded with the Fed more than able to soak up the paltry supply generated by originators. Today is roll day for Fannie MBS and we are seeing some improvement since market open as the Dow recedes below 10,000 again in back and forth trading.
The newly extended tax credit gives existing homeowners with five years of residency in their current home a $6500 tax credit to purchase a new home.
