Meridian Properties | Protecting Yourself from Foreclosure as a Renter

 

Boise property managers can teach you how to protect yourself in the event of foreclosure.The unfortunate reality is that with so many Americans renting, some will end up living in Meridian properties which become foreclosed. However, a recently enacted federal law affords protections to renters whose landlords are being foreclosed upon. While the Protecting Tenants at Foreclosure Act may be complicated, many professionals in property management in Boise recommend that residents familiarize themselves with its basic provisions.

 

The fundamental purpose of the Protecting Tenants at Foreclosure Act, say Boise property managers, is to afford renters enough time to find housing in the event that their rental is foreclosed upon. The law affords residents of Meridian properties a grace period during which they can remain on their rental property before being evicted.

 

Here are a few of the basic protections afforded to renters by the Protecting Tenants at Foreclosure Act:

 

  • Renters will get 90 days' notice. Boise property managers advise their tenants that under the new law, renters will be able to stay in their homes for 90 days after they receive notice of foreclosure. However, there are a few exceptions. Boise, ID property management professionals advise their residents that if the new owner of a foreclosed property intends to occupy it as his or her primary residence, they may be forced out of their home quicker than expected. There are, however, a few exceptions. If you signed your lease before you landlord obtained the foreclosed loan (say those in property management in Boise), your lease will survive the foreclosure.

  • Only certain renters are protected. One important provision that Boise, ID property management experts often point out to their residents is that only certain renters are protected. To obtain the benefits of the Protecting Renters at Foreclosure Act, Canyon property management professionals must make sure their residents meet the following three criteria:

    • The resident of the rental property may not be related to the owner of the rental property;

    • The terms of the rental agreement must be similar to those established by Canyon property management officials for other properties;

    • The rental price cannot be substantially less than what Meridian, Idaho property management experts would consider fair market value

 

The provisions in the Protecting Tenants at Foreclosure Act-say Meridian, Idaho property management professionals-were designed to prevent defaulting landlords from striking deals with renters to save their properties from foreclosure.

 

The foreclosure crisis has put many renters in a bind, and renters' rights are just now being recognized. While renters generally consider themselves safe from the dangers of foreclosure, even the most stable landlords can suddenly find themselves deep underwater with foreclosure as their only option. As a renter, it is important to do all you can to protect yourself against foreclosure. This includes working with a property management professional to find your next rental. If you have any more questions about how to protect yourself from a foreclosed rental property, talk to an Advanced Asset Management property manager today.

   

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