Foreclosure help for renters
An amendment backed by Senators John Kerry, D-Mass., and Kirsten Gillibrand, D-NY, that would protect renters from being thrown out of their homes after a foreclosure, passed the Senate today as part of the larger housing bill, the Help Families Save Their Homes Act of 2009.
The Protecting Tenants at Foreclosure Act ensures that tenants and families nationwide have at least 90 days to find their next home if they are renting in a building that is foreclosed upon.
“More than 30,000 renters across New York, who dutifully pay their rent on time each month, may face eviction because they live in a building that is about to be foreclosed,” Gillibrand said. “These tenants have almost no rights when a bank seizes their home. Families without the means to find temporary housing or move into another unit can be kicked onto the streets because their landlord failed to meet his or her obligation to pay. This is wrong and I am proud to partner with my colleagues to pass new protections for these families.”
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We applaud the efforts of the law makers trying to protect renters in the situation of landlord foreclosure. I would like to see the powers at be work on giving tenants options rather than protection. Tenants would be better served to have the options to terminate their lease in the event of a landlord default rather than time to stay after the foreclosure. Given the option I believe that most tenants would rather get on with their lives than have a reluctant landlord for 2-3 months. tenants can find out if their landlord is in foreclosure on http://www.rentalforeclosure.com.