Wednesday, September 21, 2011

Fountain Hills Tenants Rights ... - Fountain Hills AZ Real Estate

What are your rights as a tenant if you find out the Fountain Hills home you are leasing is going into foreclosure?

If you renting in Fountain Hills or other surrounding areas you will no longer lose your lease if the property is foreclosed on. Before May 20, 2009, most renters lost their leases upon foreclosure. The rule in most states was that if the mortgage was recorded before the lease was signed, a foreclosure wiped out the lease. Because most leases last no longer than a year, it was all too common for the mortgage to predate the lease and destroy it upon foreclosure.

These rules changed dramatically on May 20, 2009, when President Obama signed the ?Protecting Tenants at Foreclosure Act of 2009.? The new law requires that tenants in foreclosed properties receive a 90-day notice prior to being evicted. The new law specifically states that in the event of a foreclosure, the new owner must allow tenants with leases to occupy the property until the end of the lease term.

There are three exceptions to this rule:

1.The lease can be terminated on 90 days notice if the unit is sold to a purchaser who will occupy the property. ?

2. The lease has fewer than 90 days remaining.?

3. The tenancy is month-to-month or a tenancy at-will, in which case the new owners must provide the tenant with 90 days notice prior to eviction.?

Section 8 tenants have all of the rights listed above regarding their lease and the owner must give you a 90-day eviction notice. Also the new law protects tenants receiving federal assistance. If you are renting with Section 8 housing choice vouchers, your contract continues, and the foreclosure is not a lawful reason to terminate your lease.

For more information about tenants rights

If you are looking to purchase a Fountain Hills foreclosures, you can call/text or email me with quick answers to your questions.

Source: http://realestatefountainhills.com/fountain-hills-tenants-rights-regarding-foreclosures/

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