Posted by ChrisTX on November 05, 2009 at 17:13:12:
There is not very specific info regarding the new buyers rights, only the rights of the tenants. I posted a question above as to the new buyers rights and I hope to God we can enforce the lease or we are definitly SOL.
Chris
Obama’s New Tenant Law…(sigh) - Posted by acw
Posted by acw on October 31, 2009 at 06:37:01:
Anyone familiar with this new law enacted earlier this year?
It states that anyone who purchases a home at a foreclosure sale (or in foreclosure), will have to honor the current tenant’s lease.
Here is the link
http://tenantstogether.org/article.php?id=723
So if you purchase a home at a foreclosure sale, you will have to live with the current tenant and maybe even be forced to evict them if they are paying. This can be very cumbersome if their existing lease is not favorable for the landlord.
I don’t know about you but i can see a Hugh window of opportunity for tenants to defraud the owners and buyers of homes in foreclosure…just simply not pay the rent or force the landlord to go through the eviction process.
As a property purchaser at the sales, does anyone see a way around this?
Re: Obama’s New Tenant Law…(sigh) - Posted by Edwin
Posted by Edwin on November 09, 2009 at 10:46:23:
Is there any limit to how long a buyer has to honor the lease? I can understand letting the tenant live there for six months to a year, or enough time for them to find a new residence, but there should be a time limit on how long they can stay. Also, are there any safeguards to prevent a tenant from altering his lease to a longer period? What if a tenant alters his tenancy period from one year to, say, five years, at the same rent? A little white-out and a pen could change it. Now the new buyer could get involved in a legal wrangle about the legitimacy of the existing lease. Thanks, Obama. Your heart was in the right place, but as so often happens with Democrats, they don’t think through the details and often just make a bad situation worse. Ah, which brings me to my often said phrase: Republicans, in general, are dishonest and greedy. Democrats are just plain stupid. And neither is a good alternative.