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Renters’ Rights in Foreclosure`

Posted in Foreclosure, Rental Modification

Renters in Foreclosure: What Are Their Rights? Federal law gives important rights to tenants whose landlords have lost their properties through foreclosure. Renters and tenants are now being affected by foreclosures almost as often as homeowners. The financial downturn resulted in thousands — no, make that millions — of foreclosed homes. Most of the occupants are the homeowners themselves, who must scramble to find alternate housing with very little notice. They’re being joined by scores of renters who discover, often with no warning, that their rented house or apartment is now owned by a bank, which wants them out. Who Are the Renters? Renters who lose their homes to foreclosures don’t fit a single profile. Many of them live in smaller buildings, condos, and single-family homes. They’re located in cities and surrounding suburbs, in low-income and upscale neighborhoods. In short, foreclosed homes...

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