New Law to Protect Rental Tenants When Home is in Foreclosure
S. 896, the "Helping Families Save Their Homes Act of 2009", which became law on May 20, 2009, included provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented.
Many examples were seen of families living in rental housing throughout the United States who were evicted without any prior notice when the home where they had lived was foreclosed upon. Much of the time, the rental family had no idea the home was in delinquency or subject to foreclosure until their eviction.
The new law requires tenants be given 90-days notice prior to having to vacate, and allows them to stay through the remainder of their lease, if the home will continue to be a rental property.
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