NEW bill protects renters from foreclosure-related evictions

March 11, 2014 Posted by kingcade

Receiving a foreclosure notice as a homeowner is devastating. But imagine losing your home or apartment to foreclosure as a renter, when you paid your rent on time every month. Congress is pushing for permanent protections for renters who find themselves in this very situation.

U.S. Senator Sherrod Brown is a cosponsor of a bill that would permanently extend the Protecting Tenants at Foreclosure Act of 2009, which gives temporary protection against eviction to families renting houses that go into foreclosure.

Tenants who work hard and are responsible rent payers each month deserve protections for themselves and their families. The problem lies with the landlords, who failed to make mortgage payments on these properties.

Up until 2009, if the houses were foreclosed upon and resold, almost always at a discount, the new owners could evict the tenants, often giving the renters no recourse or very little notice to move. The 2009 law ended that by saying if the tenants had leases and were abiding by their terms, the new owners had to honor those leases. There was an exemption if the new owners intended to occupy the properties, but it required giving the tenants 90 days’ notice before eviction.

Tenants would gain a new protection in the latest legislation that they currently do not have: the explicit right to sue the new owners if they believed the owners violated the law. Tenants would have what is called a “right of action,” giving them a clear right to sue.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

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