MiamiRealEstateKing

In real estate on January 29, 2011 at 3:19 pm

Renters: When you find a property you want to rent, verify that it is not in foreclosure before making any deposits or signing a lease.

New Federal Law To Protect Renters: Protecting Tenants in Foreclosure Act

The Protecting Tenants in Foreclosure Act was signed into national law on May 20, 2009, providing measures to help renters in foreclosed properties:

  • All tenants will have a minimum 90-day notice before eviction due to foreclosure.
  • A new owner who takes over a residential rental property through foreclosure must honor existing leases until the end of lease term unless the new owner will occupy the property themselves. If so, the tenant must have 90-day notice to move before the new owner can take possession and move in.
  • These new provisions also cover Section 8 (HCVP) tenants.

Exceptions and conditions apply. For more information, download a sample letter for a non-Section 8 landlord and an explanation for tenants about this new legislation.

Find more documents and important information on the website of the National Low Income Housing Coalition at www.nlihc.org Opens new browser window or by phone at 202.662.1530.

Be cautious when renting. Always research properties thoroughly, and never provide a security deposit or any money without ensuring that the property you are about to rent is legitimate and not in foreclosure or other threatened status.

Source: Miami-Dade County Housing Central

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