Under the new foreclosure prevention bill President Barack Obama signed into law on May 20, 2009, renters scored a big victory against foreclosure evictions. Starting immediately, the Helping Families Save Their Homes Act allows tenants who pay their rent on time to remain in their foreclosed rentals through the end of their lease, unless the bank sells the property to someone who intends to make it their own residence, according to the Associated Press. If the home is sold to an investor or back to the lender, the new owner will have to allow the tenants to stay in the property for the full duration of the lease.
Do you need to move because the property where you live is in foreclosure? Are you thinking of selling a rental property that no longer meets your investment needs?
Call Clara today for assistance 856-264-1058
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