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Renters in Foreclosure
Most Renters Have A New Right To Stay Even After Their Landlord Is Foreclosed! The foreclosure crisis is not only threatening home owners – it is increasingly threatening the homes of renters. Rental properties likely account for at least 35% of the properties in foreclosure, and renters likely account for an even greater proportion of the people actually being evicted through foreclosure. From July 1, 2008 to June 31, 2009, of the roughly 5,000 foreclosures filings in Baltimore City alone, approximately 2,000 filings occurred on rental units.
New laws to protect tenants in foreclosure are now in place. State laws passed by the Maryland General Assembly require that tenants be notified at each critical step of the foreclosure process. New federal law provides that most tenants will be able to stay in their home after a foreclosure until the end of their lease, or at least 90 days after the new owner provides an eviction notice. Don't be fooled or threatened by banks or real estate people or attorneys who say you can be evicted immediately because the house has been foreclosed. Learn your rights, get the facts, and get advice on your options. Free workshops for renters in foreclosure in August-December 2010 The Baltimore Homeownership Preservation Coalition and Rental Housing Coalition have published the following brochure to explain the basic rights and process of foreclosure in Baltimore City.
Note: While most of the information in this brochure applies to all counties in Maryland, some information is specific to Baltimore City. Always obtain legal advice before relying on the information in this brochure. RENTERS, click here to learn more about the timeline of foreclosure in Maryland, your rights in that process, and possible legal and financial assistance. TENANT ADVOCATES, click here to learn more about the Maryland foreclosure process and the new renter protections under the Protecting Tenants at Foreclosure Act of 2009. |
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