Renters' Rights Get New Lease
Center for Personal Finance editors
If you're a renter, you may be able to rest easier knowing that you now have more rights if your rental property faces foreclosure.
The Protecting Tenants at Foreclosure Act of 2009 (S. 896) is designed to prevent immediate eviction and give renters time to find alternate living arrangements.
Renters now have a minimum of 90 days after foreclosure notice before they must vacate a property. This includes tenants who have a month-to-month lease, or no lease at all. If tenants have signed a longer lease�say, for six or 12 months�the law permits them to reside in the rental property for the duration of the lease, even if it's more than 90 days.
The renters' rights expire Dec 31, 2012.
You can find more information about renters' rights on the National Low Income Housing Coalition Web site.
Related Home & Family Finance Resource Center items
Renters' Guide: What to Know Before You Sign a Lease
Audio: Affordable Housing�Stronger Communities
Published November 16, 2009
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