Tuesday, May 26, 2009

New Law Gives Renters Protection During Foreclosure

Icon of two keys on a keyringIt is estimated that 40% of households who lose their homes because of foreclosure are renters. Currently, in most states, renters get little or no notice to vacate their homes upon their landlords' foreclosures. A new law is meant to change that by giving renters living in foreclosed properties important protections.

The Helping Families Save Their Homes Act contains renter protections that include a 90-day pre-eviction notice to tenants whose homes have gone into foreclosure. If the new owner of the property will not be living in the house then the tenant has a right to remain in the home for the duration of the lease and tenants with Section 8 vouchers will be able to remain with both their lease and rental assistance payments intact.

For more information on this new law, visit www.nlihc.org or contact the Outreach Team at (202) 662-1530 or at outreach@nlihc.org.

1 comment:

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