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Your Rights as a Renter of Real Estate Foreclosures



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By : John Cutts    99 or more times read
Sometimes the problem with some landlords is that they tend to conceal the fact that they are facing a real estate foreclosure, from their tenants. Landlords have this irrational fear of having a vacant property when the foreclosure ruling comes down and gets implemented. This causes a lot of emotional grief and even financial loss to their tenants because they will soon realize that there is just no way around an eviction.

Oftentimes these landlords no longer have the capability to return their tenants' security deposits as well. So renters are advised to communicate with the county courthouse at the very beginning and ask to be notified when the home they are renting enters the foreclosure block. This way they are well prepared when the actual real estate foreclosures happen.

Renters’ Rights

The right to know whether the property is facing foreclosure should be actively exercised by renters. The process of requesting for this notification may differ in various states, but the principle behind it is the same and the steps are pretty similar anywhere. Renters can make a formal request to the county registrar any time. They only need to provide proof that they are indeed renting the place and they can do this by presenting their lease agreement, which they should have a copy of.

The request must be notarized for it to be official and to be assured that the renter will get a notification once the unit he is leasing receives a notice of default, which is the first step in the foreclosure process.

Most foreclosures take up to 90 days to conclude so tenants have a good three months to find a new home. Renters can also apply the security deposit they will recover as rent for the place they will transfer to.

The 2009 law Helping Families Save Their Homes stipulate that tenants can remain in the foreclosed rented property for a minimum of 90 days or three months if they are able to make payments month after month.

For those with long-term rent agreements, a way to recover their deposit plus compensation is by filing a case with a small claims court. They may also try to talk to the foreclosing entity and seek assistance in the form of cash.

Not being able to reclaim your security deposit is one of the biggest problems in this situation and sometimes it does necessitate the aid of a legal expert or a lawyer. There may be unturned stones in your efforts to recover your loss. Senators and congressmen have successfully passed legislation to protect tenants from abuse under a real estate foreclosure.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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