Welcome to Home Selling 101 (& home buying tips too) today and our class is on Protecting Tenants Rights in Foreclosed Homes!
This is an issue that impacts renters in homes that are currently in the process of foreclosure or have already been taken back (foreclosed on) by the lender.
There are many times that honest tenants have been bamboozled (obviously been mislead) by owners of residential properties that have been in foreclosure and/or on the verge of the lender/bank taking the home back. Meaning they may even have recently rented a property, signed a lease for a period of time, paid their rent/lease payments only to find mortgage holder came knocking at the door!
And if that’s the case, what’s a tenant to do? Take a quick look at this 2-Minute Real Estate Video to learn more about tenants rights and the Federal Law more commonly known Title VII Protecting Tenants Rights AT Foreclosed ACT
In a quick snap shot the law says “tenants must be give an 90 day notice” if there is a “bonafied” lease, the notice is to run the term of the lease. which is ever greater. And are are EXCLUSIONS to the law, therefore it’s crucial that YOU CHECK WITH THE PROPER PROFESSIONAL for legal advice.
And when it comes to real estate help, whether home buying or home selling contact me Lynda@PreferredHomeBrokers.com, in the meantime bookmark this site and thanks for coming to class today at HomeSelling101.com!