Why is the Foreclosure Process Hard on Tenants?
When the foreclosure process is carried out, the renter or tenant staying in the property, often remain unaware of the situation. He keeps paying his rent regularly to the landlord and the landlord may not have the least wish to retain the property or resist the foreclosure. Besides, if the property is in the hands of the bank or some financial institution, they are least interested in the maintenance of the property. Renters’ Rights During Foreclosure The tenant’s rights during foreclosure have been strengthened by the ‘Protecting Tenants at Foreclosure Act of 2009’ signed by President Obama, on 20th May, 2009. According to this law, a tenant who has taken a property on lease, can retain the property for the entire duration for which he has signed the lease papers. He will have to pay his installments on a regular basis to the new landlord or property owner. This is the case if the new property owner has no intention to reside in the property. In case the new property owner or landlor
