Buried in a housing law signed this week by President Barack Obama are protections that will help thousands of renters stay in their homes — at least for awhile — after their landlord has been foreclosed on.
The law allows tenants to remain in their foreclosed rentals through the end of their lease and then 90 days after that before being forced to vacate by the lender. Renters without leases will have 90 days, a significant improvement over what most received before: almost no notice at all.
“Until this law was enacted, there had been no national protections for any of these households,” said Linda Couch, deputy director at the National Low Income Housing Coalition. “This gives renters time to adjust their lives.”
If you are a renter being evicted due to foreclosure, consult with an attorney today. While previous California law held that you could be given a three-day notice, this federal legislation may change that. That means if you are purchasing a piece of property, you may have additional difficulties.