November 9, 2017
This past week in Shelton we had 9 new listings, 12 homes
that went under deposit and 17 homes sold.
What are tenants rights of foreclosed properties?
When a property that is being rented goes into foreclosure because the landlord stopped paying the mortgage, the tenant usually doesn't know anything about it until they get a notice from the bank. What happens next?
Back in 2009, when foreclosures were becoming quite frequent, a federal law was passed to protect tenants from having to vacate the property right away. In fact, the Protecting Tenants at Foreclosure Act of 2009, requires that bona fide tenants in occupancy at the time of the title transfer due to foreclosure may not be required to vacate the property for 90 after title transfer or until the end of the lease, whichever is later. If a tenant suspects that the property they are renting is going into foreclosure, then they should make sure there is a lease in place to prevent them from having to move out within the 90 day period.
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I'll be back next week with all new listings.
ps. If you want to chat right now, give me a call at 203-305-0157