Dennis Norman Musings

Dennis Norman

By: Dennis Norman

• For the act to apply the tenant must be under a “Bona Fide Lease or Tenancy” which the act describes as:
  • the tenant is not the mortgagor or the child, spouse or parent of the mortgagor
  • the lease or tenancy was the result of an arms-length transaction, and
  • the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit’s rent is reduced or subsidized due to a Federal, State or local subsidy
  • tenancy or lease was in effect as of the date of the “notice” of foreclosure Read more…

Dennis Norman

By: Dennis Norman

Over the past few months many people renting or leasing a home have had a rude awakening when they suddenly are told to vacate their home as a result of the property owner losing the home in foreclosure.  Many times tenants are unaware of the owners plight prior to this so it leaves the tenant in a very difficult, and many times unfair, position.

There is some help and protection now though.  Congress recently addressed this problem as part of the “Helping Families Save Their Homes Act of 2009″ which went into effect as law on May 20, 2009, provides for the following: Read more…