The Maryland local movers are always trying to keep our past and future customers in the know in terms of real estate, the moving industry and related fields. So, here’s this month’s finding. According to an article posted on MSN.com, this year a new law was created to protect renters (about 40% of households that have lost their homes)from eviction if their landlord loses the property through foreclosure. This law, “Protecting Tenants at Foreclosure Act’ is scheduled to end December 31,2012 and gives renters enough time to find another housing option. This new law allows tenants who have a lease to stay in their home until the end of their lease unless a new owner buys the property at a foreclosure sale and wants to move in to make it their personal residence. In that case, the tenant will be evicted with a 90-days notice. An exception to that rule is that if the renter signed the lease before the new owner obtained the foreclosed loan, the lease will still survive the foreclosure.
The article on MSN.com continues to say that even renters who don’t have a lease are going to be getting a 90 days notice. However, only ‘real’ renters are protected meaning that the renter can’t be the former owner of the property, former owner’s spouse or child or parent. The lease has to be between renter and landlord and the rent can’t be substantially less than fair-market rent, unless it’s subject to government subsidy.
The “Protecting Tenants at Foreclosure Act’ doesn’t pre-empt state or local laws. So issues with pre-payment of last month’s rent or reimbursement of security deposit isn’t mentioned at all.
If you’re renting and faced with a foreclosure situation, trust the local Maryland moving company to help you reduce the stresses of moving. We’re a licensed and insured Maryland moving company with experienced movers who move rapidly, carefully and safely. Your belongings will be safe and transported to your new home with the professional help of All My Sons of Maryland. Our Maryland moving specialists service Baltimore, Annapolis, McLean, Potomac and Washington DC. So if you’re moving in the area, give All My Sons of Maryland a call for your free moving quote.