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Tenant Protections after Foreclosure

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by legalnovice, May 13, 2010.

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  1. legalnovice

    legalnovice Law Topic Starter New Member

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    I am currently residing as a tenant in a home that has been foreclosed upon. My lease does not expire until 2012 and I do not want to move...otherwise I would not have signed such a long term lease. The home is currently owned by Freddie Mac and I contacted them yesterday afternoon because I only found out about the foreclosure yesterday morning. I am wondering if I am covered under the Obama tenant protection law. On the phone yesterday Freddie Mac said they would have somebody contact me about my options. On their website it states that they will rent month to month to tenant that are still in homes that they are foreclosed on. Why the discrepancy between their website and the law I read? I may be missing an important element of the law. My lease payment is due on the 15th and I have never been late once and do not want them to use that as an excuse to evict me. Should I place that money in some type of escrow account? Bank or Court?
     
  2. army judge

    army judge Super Moderator

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    Pay the owner.
    If FreddieMac is the owner, pay them.
    If they refuse payment, place the funds in an escrow account until the dispute is settled.
    Your lease is good and must be honored until 2012.
    You can not be evicted or removed legally, until it expires or you breach the terms of the lease.

    FreddieMac might offer you a settlement to leave the house.
    You do not have to take it.
    You can counter-offer, if you wish.
    If they offer to pay your moving expense, you can counter with moving expenses plus $5,000 and I'll vacate by the 1st of September.
    If they accept, they pay, you leave.
    but, get everything in writing and make no changes until it is in writing and signed by all parties.
    Otherwise, you're there until 2012.
    This has nothing to do with Uncle Obama or the feds.
    You're protected by Ohio contract law and your leasehold.
     
  3. jharris352

    jharris352 New Member

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    There is a new federal law for tenants: Helping Families Save their Home Act that allows you to stay in the home for 90 days if the home is bought by an owner occupant or "through the term of your lease" (up to 12 months) if your home is bought by a bank or non-occupant. The article I posted has a link to the actual text of the law if you like.

    I don't think you will be able to stay until 2012 but you will be able to stay through the next 12 months. You should be seeing if you can buy the place from Freddie Mac. I'll bet they will give you a SWEET deal on it.
     

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