Property Management Blog

Sayonara "Protecting Tenants at Foreclosure Act"

Andrea Mayer, RMPĀ® - Friday, December 05, 2014

The federally mandated "Protecting Tenants at Foreclosure Act" officially comes to a close at the end of this month, 12/31/14. As of 1/1/2015, the law will go back to the way it was, meaning most likely the lease will be terminated by the completion of the foreclosure and the resident must vacate, unless a new deal is struck with the lender or buyer. 

The PTFA originated in 2009 after the foreclosure crisis, and was put into place to help residents stay in their homes and honor their lease agreements during a time of foreclosure. The exceptions were that if a new buyer was going to occupy the home or if the tenant had either a month to month tenancy or no lease at all ("at will tenancy"). I saw first hand how this Act helped residents of this firm, the time to find new housing. It truly did a lot to help those in a difficult situation. 

Hopefully with the expiration of this Act, we will help to close out a stressful chapter in our nation's history. Onward and forward! Remember, if you are having trouble paying your mortgage, call your lender! There are many programs out there to help. If you are a tenant in a rental that you have recently heard is in default, contact your property manager or landlord immediately!

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