Foreclosure Defense Secrets.com

Part of President Obama’s Foreclosure Defense Plan was signed into law this week. It establishes protections for renters living in foreclosed homes. One of the often overlooked problems in the foreclosure crisis has been the eviction of renters in good standing, through no fault of their own, from properties in foreclosure. To address the problem of these tenants being forced out of their homes with little or no notice, this legislation will require that in the event of foreclosure, existing leases for renters are honored, except in the case of month-to-month leases or owner occupants foreclosing in which cases a minimum of 90 days notice will be required. Parallel protections are put in place for Section 8 tenants.

While this part of the bill does not protect the borrower, it is a good sign of things to come for a couple of reasons. First, the signing of one part of the bill makes it more likely that other sections will be signed into law. This could include a nationwide moratorium on foreclosure sales, or even a lowering of principal balances to readjust for the lower real estate market. The other benefit from the President protecting renters is that you can keep your tenants in place and continue to collect rent even while facing foreclosure. This means more income for a longer time, providing you can stall the foreclosure long enough to take advantage. Don’t miss out on the benefits of President Obama’s plan. Protect your home from foreclosure and learn how to stall the process for as long as you need to. Get more information at www.ForeclosureDefenseSecrets.com .

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