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Renters who are comfortable in their lease and enjoy their rented property could find that a foreclosure can still threaten their happiness. There are thousands of investors who purchase property on credit. Not every property that is rented to third parties is paid in full. Many investors use the profits from monthly rent to pay mortgages and other expenses. A renter can be an unfortunate victim of foreclosure just like property owners.
The 2009 Protecting Tenants at Foreclosure Act signed into law is meant to protect renters of properties. Because banks and mortgage lenders can own property, these institutions are responsible for expediting the process of foreclosure for property owners. Renters can be caught up in a foreclosure due to property owner default on mortgages or other loans.
A period 90 days is granted for month-to-month renters when banks or mortgage lenders sell a home at public auction or through other transfer. This provides a person under a current lease agreement a three-month period of time before it is necessary to vacate a property.
A person who is currently renting a home that is going through foreclosure and has an extended lease in place is usually allowed to continue through the term of the lease agreement. This usually applies to a person with a lease agreement in place with a landlord or property manager. Most buyers of foreclosed properties must wait until the lease is concluded before asking renters to vacate the property.
A portion of people renting properties do not have a written agreement that lays out all of terms of the lease. Many handshake agreements are common in the housing industry. A person who is considering renting a property should make sure that the lease is signed by all parties and is valid in the state in which the property is found.
Questions are part of the natural process before leases are signed. A person who has questions about length of term, renters rights and other lease specific questions should ask landlords or property managers to help explain the lease. Legal advice can also be obtained from real estate attorneys as a protective measure.
The JWB listed properties found on this resource are available for rent in the Jacksonville, FL area. Every home that is listed in the company portfolio is company owned or controlled. All rental prices are provided with each home available for rent to help renters calculate expenses. A walk-through can be requested for any property found on this resource by using the contact form on this page.
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