Since we have more 'renters' in residence at NCC than actual owners in residence the below info might be of interest to a lot of blog readers.
The PROTECTING TENANTS AT FORECLOSURE ACT is a law passed by Congress and signed by the President in May of 2009 and provides protections for tenants whose landlords fall into foreclosure. See Nolo Press article 'Renters in Foreclosure: What Are Their Rights?' at: http://tinyurl.com/3my9svp
Tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease. The bill also provides similar protections to housing voucher holders. These protections are now in effect but expire at the end of 2012.
So there should be no more instances of Sheriffs coming to the door to evict people after the judge gives title to a foreclosed condo to the mortgage company. Before this change renters in foreclosed units might well find their belongings being piled up at the curb with virtually no notice. and also take a look at 'Learn About Being Evicted or Breaking a Lease' direct link: http://tinyurl.com/3rob8dy
