Posted by: phillipsre | September 12, 2014

Good News for Tenants in Foreclosure Properties

houseIn our area, the foreclosure rate for homes is going down, but there are still some out there and if you happen to be a tenant living in a home that is being foreclosed on you still have rights.  Federal officials have extended the Protecting Tenants at Foreclosure Act of 2009 through Dec. 31. It provides that an unexpired residential lease will survive foreclosure for whatever amount of time remains on the lease, assuming the lease is bona fide. This requires that the tenant not also be the mortgagor or the mortgagor’s child, spouse or parent; and the rent due under the lease is not substantially less than market rent, unless the rent is reduced by a subsidy. This article from the Seattle Times has more details on tenants rights and other laws that are in effect, that will allow the tenant to continue their lease even if the owner has lost their property. It is important to note that if you, as a tenant, are paying rent to a property management company, if your house goes into foreclosure, your rent will then be paid to the new owner and not the property management company any more.

If you do find yourself in need of a new rental, there are a number of available homes, condos and apartments for rent on Phillips’ Rental Search page.

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