I was recently asked by a client, “what will happen to them if the house they are renting is foreclosed upon?”. There has been so much new legislation lately and I was not certain of the answer so I asked the local foreclosure law expert, Marc Shapiro, Esq., and he pointed out that a new federal law entitled, Protecting Tenants at Foreclosure Act of 2009 now protects tenants who are leasing a foreclosed home. This law provides that a lease may survive a foreclosure – meaning that tenants may stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days notice before having to move out. Of course, there are exceptions so consult with an attorney for help!
Its August already! I like to review the Middle District of Florida Bankruptcy Court statistics half way through the year in order to understand the complexion of our geographic area. There are more than eleven thousand pending cases before Judge Paskay as of June 2010. Needless to say he is a very busy Judge! Many of these cases are from previous years – you can gauge this for yourself by reviewing the statistics at www.flmb.uscourts.gov
Often times when I consult with people I am trying to create a plan that saves thier home. In our area (Naples, FL) homes are often upside down – the owners owe more than the house is worth. One way of saving a home in this situation is to strip the second mortgage so that it is discharged along with the other unsecured debts. Doing this can sometimes make it prudent to keep a home that I would normally recommend be surrendered in a bankruptcy.
Thank you for visiting my website (www.naplesbankruptcy.com) and blog. I plan on posting current events in the bankruptcy and foreclosure fields as well as responding to comments or questions. I hope this blog provides information and help to all who visit…..