The landlord technically owns the property until the foreclosure is complete, so renters should not stop paying rent altogether. Paying Rent For a Florida Residence in Foreclosure The Act expires Decemunless Congress chooses to renew it. If the tenants do not have a lease, the new owner must give them 90 days to vacate the property. If the new owner does not intend to make the property his or her residence, then he or she must allow the tenants to continue to live there for the duration of the lease. Prior to the Act, foreclosure extinguished all leases on a property and many renters found themselves evicted from their homes with very little notice, since they never knew that the mortgage lenders were foreclosing on their landlords.Īs a result of the Act, those who purchase properties at a foreclosure sale must allow tenants 90 days to vacate if the new owner intends to make the property his or her residence. Right to Stay in the Florida ResidenceĬongress passed the Protecting Tenants at Foreclosure Act of 2009, which allowed renters to stay in their homes if the landlord went through foreclosure. Many Florida renters have discovered that their landlords are in foreclosure and wonder what rights they have to stay in their homes and to whom they should pay rent.
Those who rent housing are now starting to have to worry about foreclosures, as well. As the foreclosure crisis continues with no signs of abating, the effects of foreclosure trickle out to touch other parts of the economy.
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