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Law signed by the president to help renters.
From whitehouse.gov
One of the often overlooked problems in the foreclosure crisis has been the eviction of renters in good standing, through no fault of their own, from properties in foreclosure. To address the problem of these tenants being forced out of their homes with little or no notice, this legislation will require that in the event of foreclosure, existing leases for renters are honored, except in the case of month-to-month leases or owner occupants foreclosing in which cases a minimum of 90 days notice will be required. Parallel protections are put in place for Section 8 tenants.
At the very least it will be interesting to see how this plays out. Unfortunately we feel that law makers have missed the boat again. Of the tenants we have talked to over the last year, the vast majority of them would rather have the option of ending their lease and finding more stable housing than being saddled with an unwilling landlord. Imagine the disruption of your life as you try to live in a property in foreclosure. The current landlord does not care about you as a tenant, how quick do you think the landlord is going to be when it comes to repairs or maintenance? There are constantly people coming to look at the property for the lender, real estate agents, appraisers, environmental specialists, investors. Then after all that the foreclosure is completed and the tenant has a new, even less enthusiastic, landlord. The new landlord, usually the bank, has no interest in being a landlord whatsoever! Their single goal is to get rid of the property which means the property goes on the market as soon as possible and more of the tenant's right to quite enjoyment goes out the window.
We applaud the administration’s efforts and we know that their intentions are good however lets think about giving tenants a choice in their own destiny instead of chaining them to a bad situation.
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Replies to this article:
October 22, 2009, 8:16 pm Posted By April from Texas
I am in a rental that went into foreclosure and the broker gave me a cash for keys offer of 718.00 to move in 24 days.
August 5, 2009, 5:33 pm Posted By Wally from Florida
I manage a number of homes in foreclosure. From reading the above comments I am overwhelmed by the total lack of ignorance displayed. When a home goes into foreclosure, the owner has the choice to occupy, vacate or rent until the court sale is complete. My renters are informed on foreclosure status. They call when repairs are needed and the repairs are done. They are not hasseled by the bank, realtors or anyone else until the sale has taken place. We give them plenty of information to make informed decisions.
Many owner/landlords vacate the property mentally and no longer collect rent. We know of tenants who have lived in homes for a year or more without paying rent. We don't think that is the way to handle the tenant, but, is that tenant hurt?? Do they have a right to be complainers about repairs not being made when they are paying no rent?? We don't think so! Is it better to leave a home vacant for a year or more?? Who gains?? The home goes into disrepair, many are stripped or vandalized.
The owner has rights up to and beyond the courthouse steps! Most do not know what those rights are! The legal system is not quick to represent people in foreclosure. "They don't have money to pay"!! Tenants have little or no respect for the owner, the property or the legal system unless they percieve a gain to themselves.
July 10, 2009, 6:56 am Posted By Dennis from Florida
Don't mean to step on any one person over the other, but neither Lisa or Valentina here are totally accurate. The amounts of money tendered to folks in the CFK (cash for keys) scenarios isn't driven by a particular borker, area or tenant(s). When it's time for a tenant to go, they have to go. It's sad and somewhat unfair, but that's the way it is. In my line of work, I've dealt with this scenario about a dozen times and every case is different. A tenant may jump at the first cash for keys offer, but they may try to negotiate a higher amount. The amounts offered are determined solely by the banks, though- as they come from a fund the banks have created for this purpose. A bank may give a tenant what they ask for, may not. the tenant may vacate peacefully, but the cops may be called to enforce a court's eviction order. If you're a tenant caught up in this mess, everyone knows that you've done nothing wrong and that your unscrupulous landlord should've been paying his mortgage- no debate necessary on that. But don't let statements from Valentina and others give you any sense of entitlement or that you're the one that holds any type of "power" in these cases- you don't.
June 29, 2009, 11:44 pm Posted By Valentina from Nevada
The cash for keys amount doesnt depend on area or brokers depends on how YOU the renter handles this emotionally traumatic experience. If you remain calmed and do your homework as the renter you are you can easily get the money for the 90 days free rent plus 30 more days. I know I did. Don't get scared and most importantly don't let the agent bully you or make you feel guilty for something you didnt do. Be smarter than they are and get the cash you deserve
June 11, 2009, 9:40 am Posted By LaShuna from Nevada
Do you know how accurate this site is? I am just curious because I live in a house and repairs are not done, I believe we have been lied from the beginning. Do you know of a way to find out the history of a house, how long it has been vacant, who the owner is? I am dealing with a property manager. Thanks!
June 8, 2009, 3:53 pm Posted By tami mills from Arizona
my house was forclosed on after the modification started. the lawyers handling the property stated home eq told them to go ahead with the forclosure due to non payment since march 08. ive paid since almost 10,000.00. the home is a duplex i live in one side. my tenant was paid 1400. to move and not only would it not be possible to be out in 8 days but i need to find out where my money went and what can i do? i left a new home of 3years to come here to save money now i have no home this cant be allowed. the forclosure was done without notification and after this law passed why were we not givin time allowted? and do we have recourse if a broker is not following the law
June 2, 2009, 10:56 pm Posted By Bruce from Nevada
Just remember under the new law, if you are a renter in a foreclosed property with a lease, the lease must be honored by either the new owners (or the bank) - if you are going month to month, you have 90 days before a formal eviction can begin
May 27, 2009, 7:57 am Posted By Lisa DiMercurio from California
Usually the broker after foreclosure auction offers cash for keys to have the tenants to move. The amount varies depending on area and broker.
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