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Thursday, May 28, 2009Helping Familes Save Homes Act of 2009
I wanted to share some news with readers of our blog regarding short sales and foreclosures, and the process involved with them.
Mary Alice Short is an agent on our team who just emailed me some information regarding this new Act.
Essentially, The Helping Families Save Their Homes Act of 2009 requires that the various banks must now give tenants a 90 day notice to vacate a property after they have foreclosed on the property. This new law is effective May 21, 2009. Also, as an additional sidenote, if there is a lease in place at the time of foreclosure, the bank must allow the tenants to remain in the property for the life of the lease and then give the tenants a 90 day notice to vacate.
Mary Alice just sent this information over, and below is a link to the actual act. Check our her site and take a quick read of this new act.
