What Happens To You When Your Landlord Is Foreclosed?
October 5th, 2009 categories: For Buyers, Mortgages & Financing
I am an advocate of home ownership and am always looking for reasons to own a home in Honolulu rather than renting it. Last week’s Wall Street Journal online had an interesting Q and A regarding your rights if a landlord should happen to be foreclosed on while a home or condo is rented to you.
“Should that happen to you, section 702 of a federal law that was passed in May, the Protecting Tenants at Foreclosure Act, allows you to stay until the end of your lease, plus an additional 90 days. However, if the new owner plans to occupy the house full-time, he can terminate your lease immediately and give you 90 days to find a new place. Similarly, you’ll have 90 days notice if you are on a month-to-month lease. (Unless it is extended, this new law will end on Dec. 31, 2012.)”
CLICK HERE TO READ THE ENTIRE WALL STREET JOURNAL POST.
Let’s keep this simple, if you are renting take control of your life and start owning. If you find you are not in a position to buy, then make it a goal and priority to arrange your finances and life to put you in a position to become a homeowner!
If you would like to discuss strategies to get into a home, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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That is all good to know if you are renting. It’s always good to be prepared for the worst.