I am rentling a hoouse which is in forclosire. What do I do?

Asked by Sakita143@comcast, Ponte Vedra Beach, FL Thu Jul 29, 2010

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Paul Gruenther’s answer
Paul Gruenth…, Agent, Jacksonville, FL
Fri Jan 7, 2011
Sakita,
You can stay 90 days after foreclosure or to the end of your lease per the link below. Its says...

"These rules changed dramatically on May 20, 2009, when President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants)."

"An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too."

Good luck.
Paul
1 vote
Craig Pastuck, Home Seller, Ponte Vedra Beach, FL
Thu Aug 23, 2012
I agree with Mr. Gruenther.
0 votes
Scott Miller, Agent, Boca Raton, FL
Thu Jul 29, 2010
Hi Sakita. There are lots of homes in Florida and other states, too, with the same problem. Here's the law and how it affects you personally.

In 2009 Congress passed the Protecting Tenants at Foreclosure Act of 2009:

http://thomas.loc.gov/home/gpoxmlc111/s896_enr.xml

and it became law. Essentially, if the lease was signed before the property went into foreclosure the lease survives the foreclosure. If there is only a month-to-month the Act provides a minimum 90 day period before the tenant must vacate the property. The new owner in the case of a foreclosure is the bank. The bank can not be held to any contract or agreement outside of the existing lease.

I hope this helps you sleep better at night.

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Thu Jul 29, 2010
Legally, you should continue paying rent- many people stop paying rent- thinking that ...
0 votes
Sakita143@co…, Renter, Ponte Vedra Beach, FL
Thu Jul 29, 2010
I am rentling a hoouse which is in forclosire. What do I do?
0 votes
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