What do you do if you find out the home you are renting has been foreclosed on? First…DO NOT PANIC??
According to the Protecting Tenants at Foreclosure Act which was passed past May, you are entitled to remain in the home if you have a lease and you have been making your agreed upon payments in a timely manner. Even if you do NOT have a lease you have 90 days to vacate.
LAST MAY this was passed? Yes…but what is still happening in the “real world”? Lenders are often sending “scary” letters to tenants attempting them to get out.
One letter sent out by a Texas law firm stated, "This letter constitutes formal and final demand that you vacate the premises within three days of the date this letter is delivered." Often these letters continue with threats of legal actions if the tenant does not comply.
Advocates have no official data as to the number of folks effected by this problem, but think it could be quite high considering the number of properties bought for investment and rented out during the boom years.
PLEASE…pass along this information to your friends and family so no one is forced out of their home unnecessarily. Working together we can get the truth out and stop the banks from using their intimidating tactics.