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Foreclosure in Westfield : Real Estate Advice

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Thu Aug 28, 2014
Diane Christner answered:
The federal Protecting Tenants at Foreclosure ACT of 2009 provided that bona fide tenants who entered into a lease agreement before the foreclosure case was filed against the leased property are entitled to stay in the home until the end of the lease term, unless the purchaser of the property at foreclosure intends to use it as their primary residence - then they may termite the lease agreement with a 90 day notice.

The PTFA of 2009 also stated that all bona fide tenants with oral leases, month to month tenants and those entering into a lease agreement after a foreclosure case was filed are entitled to 90 days notice to vacate before they may be evicted from the property.

New clarification has been made regarding the definition of the term "notice of foreclosure" in the original legislation. The Dodd-Frank Act now defines the date of a notice of foreclosure as "the date on which complete title to a property is transferred to a successor entity or person as a result of an order of a court or pursuant to provisions in a mortgage, deed of trust or security deed."

According to legal sources, this means that tenants are now presumed to be protected by PFTA as long as they entered into the bona fide lease or tenancy before the new certificate of title was issued. Therefore, the "immediate successor of interest" (usually the bank) is required to honor the terms of the lease or tenancy as stated above.

The D-F act also extended the PTFA legislation's original expiration date of 12/31/2012 another 2 years to 12/31/2014.

If the property is in foreclosure but not yet foreclosed upon, I would suggest looking up the owner's name in the Clerk of Court records, find out the name of the attorney's office that is handling the foreclosure and notify them that you are a tenant in the property.

Good luck.
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Mon Feb 3, 2014
Mack McCoy answered:
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