Change to Foreclosure Law to Benefit Renters

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The House and Senate have each passed bills providing that any current lease survives a foreclosure unless the new owner intends to live in the property. Currently, in many states, a landlord has no obligation to notify tenants of pending foreclosure actions, and a renter’s lease becomes void the moment a foreclosure sale is completed. The result has been that as foreclosures increase, many renters have found themselves evicted with little or no notice and no opportunity to obtain alternate housing before being forced to vacate their rental property. In addition, renters often lose any security deposits held by their former landlords.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Robert Kraft, Kraft & Associates | Attorney Advertising

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