The federal “Protecting Tenants at Foreclosure Act of 2009” expires December 31, 2014. Be prepared and get the scoop on where you stand as a renter in the event of your landlord or building management going into foreclosure. Find out what a “Lis Pendens” is; be aware of what the term “cash for keys” means; do you have a “bona fide” lease? A pamphlet entitled “Tenants in Foreclosure Intervention Project” distributed by the Lawyer’s Committee for Better Housing may be of assistance.
During foreclosure, you have the right to…
- Be notified in writing if your landlord or the building management changes;
- Live in a safe apartment with utilities
- Receive written notice if asked to move
- Get eviction court records sealed (or made confidential)
- Recover your security deposit.
You may also have the right…To stay until the end of your lease
You also have responsibilities…You must continue to pay your rent
The OCC/Office of the Comptroller of the Currency, goes into a bit more detail on their page entitled Protecting Tenants at Foreclosure Act of 2009; for more information on rental rights results, click here.