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35802 : Real Estate Advice

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  • Home Buying2
  • Home Selling2
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Activity 6
Diane Christ…, Real Estate Pro in Sarasota, FL
Sun Mar 1, 2015
Diane Christner answered:
The Protecting Tenants at Foreclosure Act (PTFA) of 2009 required that owners acquiring property through foreclosure (ie banks) honor existing leases. Tenants with term leases could not be evicted until the end of their lease terms and not without a 90-day notice. That is, unless the new owner planned to occupy the primary residence, in which case they could terminate the lease with a 90-day notice. The act also provided additional protections for Section 8 tenants.

That legislation was extended through December 31, 2014. Unfortunately, Congress has not, as yet, done anything to extend that tenant protection into 2015.

Therefore tenants in properties in foreclosure need to look at state and local laws for guidance on tenant evictions involving foreclosures.

According to a recent National Mortgage News article, Wells Fargo said it will no longer follow the guidelines of the expired law. JP Morgan Chase, Citigroup and Nationstar have said they will voluntarily continue to follow the PTFA rules. Both Fannie Mae and Freddie Mac are supposed to continue to follow the expired law for their REO inventories.

Very few states offer the same protections for tenants as the expired federal law and 17 states have no specific tenant protections in foreclosure situations, allowing the banks/other new owners to immediately evict tenants following a foreclosure sale. In many states a foreclosure terminates the rights of tenants, so without the expired federal law, the new owner does not have to file a separate eviction notice to remove tenants in the property.

Anyone currently renting a property in foreclosure should pay close attention to these changes.
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Jennifer Com…, Real Estate Pro in Huntsville, AL
Sun Mar 1, 2015
Jennifer Combs Minyard answered:
Angie,

The amount of the down payment is going to depend on the loan program you and your lender choose based on your specific situation. If you choose to go with a USDA Rural Development loan, that is a zero down payment program. There are others that only require 3 1/2% down and others that go up to 20% down so my advice is for you to go over the options with your lender as well as with your real estate professional. Based on your personal needs, they can more fully answer that questions. ... more
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Jennifer Com…, Real Estate Pro in Huntsville, AL
Sun Mar 1, 2015
Jennifer Combs Minyard answered:
It could sell during the lease period but the law states that the tenant may remain in the home for the period of the lease, if they continue to pay as their lease states. If the property goes under foreclosure, the law is very different.

If it is an individual that purchases the home from the current homeowner, they may ask that the tenant to move but cannot require it because there is a legal binding contract in the lease. Sometimes they even offer "cash for keys" to help them make the move and if that's the case, it may be to the tenant's best interest to do so.

If it's a foreclosure, I recommend the tenant seek the advice of a local professional to understand their rights under the law as the laws have changed in the past few years.
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Anna M Brocco, Real Estate Pro in Williston Park, NY
Sun Mar 9, 2014
Anna M Brocco answered:
If you are/were listed with an agent, ask him/her; or contact customer service directly http://www.trulia.com/help/ask/ Be aware that photos may appear on other sites as well, therefore you may wish to Google your address. ... more
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Laportia Pau…, Real Estate Pro in Huntsville, AL
Wed Jul 3, 2013
Laportia Paulk answered:
I would definitely recommend consulting professional help when dealing with mold. Not only can it be hazardous to the health of individuals in the home but can become a problem when trying to sell or rent out in the future. I recommend calling three different companies and getting estimates and talking with the individuals they send out to see how much they tell you and how knowledgeable they are. I ALWAYS base my decisions not just on recommendations but the person who took the time to explain to me not just the cost of something but how it will work, how the cost applies to each step and what I can do in the future to prohibit and even avoid the same problem again. ... more
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Jerry Gearha…, Real Estate Pro in Athens, GA
Wed Jun 13, 2012
Jerry Gearhart answered:
Hello Syrilla27

First of all let me congratulate you on taking the first step towards looking for a rental. May I recommend you visit my website www.JerryGearhart.com to search for your new home. Just select rental in the drop down type menu. I recommend you register as new rentals come available you will receive updates.

One point to keep in mind, rentals are in high demand and rent very quickly. Do you have an idea of what area you have the desire to live? Do you have children in school?

Hope this helps.

Jerry
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