1Leading up to the recent settlement between the Government and several of the largest U.S. banks, lenders routinely ignored the requirements of the Protecting Tenants at Foreclosure Act. As a landlord you should keep your tenants informed of the status of your foreclosure action, and let them know that they will almost certainly be allowed to stay out their lease term. Also, direct them to the Protecting Tenants at Foreclosure Act so they can educate themselves about their rights as tenants.
The Protecting Tenants at Foreclosure Act was adopted in 2009 to address the problem of the eviction of tenants on short notice following the sale of their home in a foreclosure action.
The Act requires that a tenant under a “bona fide” lease be able to remain in the leased property for the full duration of the lease, or if the tenant is a month-to-month tenant that the tenant be given no less than 90 days notice to vacate the premises. In the case of a bona fide lease for a specified term, this preserves the tenant’s right to stay in the home for the term of the lease, for the month-to-month tenant the Act increases the notice required to be given from 30 days to 90 days.
The only exception to the above
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