Are You a Tenant? This Blog is for you.

Are you a tenant in a property that just had a foreclosure notice posted on the door? Did you receive a foreclosure notice addressed to your landlord in the mail? Did you receive mail addressed to your landlord from Realtors, Attorneys and investors wanting to help with the foreclosure? Surprised? If you answered yes to any of these questions, then this blog is for you.

What do you do if any of the above happens? First thing you should do is call you landlord and tell them to call Emily (aka “Mom”) at 269-685-5921x 203 to discuss their options.

The second thing you should do is educate yourself on foreclosure procedures and how it affects you as a tenant. You can do this by calling Emily yourself (you don’t need your landlord’s permission).  Also call Emily if you can’t reach your landlord when any of the above happens.

President Obama recently signed a new law requiring that a 90 day notice to vacate be given to tenants residing in properties facing foreclosure. We are not attorneys, so you should consult an attorney about how this new law affects your specific situation. Our understanding of the law is that it does not apply to all loans, but does apply to most. The key is who the investor or institution is that backs the loan on the property. Consult an attorney also about how this 90 day period affects the time left on your lease.

The key is that the sad cases we heard in the past where tenants are evicted with no notice because of foreclosure, should be a thing of the past. You should get at least 90 days notice to vacate, but don’t count on it unless you are proactive.

Even though there are now laws to protect tenants, the best outcome for everyone will be reached if you and your landlord educate yourselves and make informed decisions. Give our team a call, we are here to help.

Ann

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