I saw a statistic this week that 40% of recent foreclosures were inhabited by renters. That is a heck of a lot of folks that had their lives in upheaval.
Here at Roost we have have several current tenants that came from foreclosed properties. One of our tenants came home to the sheriffs note on the door. She had been paying her rent on time each month but her landlord had not been paying their mortgage and gave her no notice of the impending foreclosure.
The housing law that was signed by President Obama in late May includes provisions to protect renters. 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. Prior to this law foreclosure proceedings automatically ended any lease that was in place.
This is wonderful news for tenants. I am curious to see how banks will handle rent collection.
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