Foreclosure Law as it applies to tenants - tenants get help from fed

Tenants in San Diego are getting help from the feds. (they already have protection under California law.)  





Federal Issue Information: Housing Issues Update

S. 896, the “Helping Families Save Their Homes Act of 2009” included some provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented. Many examples were seen of families living in rental housing throughout the United States who were evicted without any prior notice when the home where they had lived was foreclosed upon. Much of the time, the rental family had no idea the home was in delinquency or subject to foreclosure until their eviction.

I'm a Realtor®. What does this mean to my business?
Notification will have to be provided to tenants of rental housing before they can be evicted following a foreclosure.

NAR Policy:
NAR supports programs to reduce the impact of foreclosure on communities.

Legislative/Regulatory Status/Outlook:
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:

* The new owner wants to occupy the property as a personal residence, and
* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.

San Diego real estate