Protecting Tenants at Foreclosure Act Expires

Hey DC property owners and renters… this just in from Capitol Title, one of our title partners…

The federal law that was enacted in 2009, which protected tenants from immediate eviction by persons or entities that became owners of residential property through the foreclosure process, expired as of Dec. 31, 2014.  The law provided that the purchaser in a foreclosure sale of a residential dwelling, including a bank that takes title to a house upon foreclosure, will assume the interest subject to the rights of any bona fide tenant and will need to comply with certain notice requirements. Under this law, the immediate successor in interest of a dwelling or residential real property must provide tenants with a notice to vacate at least 90 days before the effective date of such notice. The date of a “notice of foreclosure” is defined as the date on which complete title to a property is transferred to a successor entity or a person as a result of a court order or pursuant to provisions in a mortgage, deed of trust, or security deed.

Two bills were introduced during last Congress, but neither were enacted and. as of yet, nothing in regard to renewing the Protecting Tenants at Foreclosure Act has been filed in the 114th Congress.  

When I hear more I will be sure to post here!

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