Hmmm . . . I didn’t have much/anything to do with this, but its good info to know!
Tenants Have the Right to Stay in Their Homes When Landlords Are in Foreclosure
While much of the news has focused on homeowners, foreclosures also have a devastating impact on many innocent renters. In Madison, approximately fifty percent (50%) of the population lives in a rental property. The foreclosure process is lengthy and can last a few months, or in some cases, a few years. During the foreclosure process, landlords may be difficult to reach and unable or unwilling to make necessary repairs and maintain utility services for the unit.
When a landlord’s rental property is foreclosed upon, tenants are not required to move out immediately. In most cases, tenants can stay in their units for many months after a foreclosure lawsuit has begun. Federal law allows tenants to stay until the end of the lease or at least 90 days after the end of the foreclosure proceedings, whichever is longer. While tenants remain in the premises, they must pay their agreed-upon rent. There are certain limitations to these protections, so tenants should always contact an attorney to obtain advice regarding their particular situation.
“Many tenants think they need to move right away, but in most situations tenants will have the right to stay until the end of their lease,” says Attorney Heidi Wegleitner of Legal Action of Wisconsin, Inc., a member of the Dane County Foreclosure Prevention Taskforce, “A tenant living in a property facing foreclosure should seek help right away to get information on available legal protections.”
To obtain more information regarding your rights as a tenant in the foreclosure process, contact:
Legal Action of Wisconsin, Inc.: (608) 362-3904 or www.legalaction.org
Tenant Resource Center: (877) 238-RENT or asktrc@tenantresourcecenter.com or www.tenantresourcecenter.org
State Bar of Wisconsin – Lawyer Referral & Information Service: (800) 362-9082
Why 50% of people in madison are renters because of house marketing price in that place.
This is good news for innocent renters. Such a valuable
information has shared Brenda.
Act of 2009. Protecting
tenants at foreclosure.
I did not realize the 1/2 the population of Madison was renting. There are a number of houses for rent in my neighborhood. I believe it’s because so many people are having a hard time selling right now which also explains why so many choose to rent.