Many landlords struggling to stay afloat in this difficult economy have defaulted on their mortgages. As a result, many apartment buildings have been foreclosed on, leaving tenants to worry whether they can stay in their apartments.
Thanks to a federal law called the Protecting Tenants at Foreclosure Act of 2009 (PTFA), which was passed last May, a bank or new landlord can't just order all tenants to leave their homes because of a foreclosure. On the contrary, in many cases, tenants can continue to occupy their apartment until the end of the lease term, which could be several months away.
The PTFA is currently set to expire on December 31, 2012. However, Congress this month introduced new legislation aimed at removing the sunset provision and making these tenant protections permanent. Do you think giving tenants rights if their landlord defaults on a loan is always a good idea, or should it be a temporary measure that depends on the state of the economy? If you're in favor of keeping the PTFA on the books, would you like to see it amended to give tenants even greater protection in the event of foreclosure?
Related Articles:
- Your Right to Remain a Tenant if Your Apartment Building Goes Into Foreclosure
- How to Break an Apartment Lease
- What to Do About Your Apartment Lease When You Want to Buy a Home
- Don't Let Your Landlord Get Away With a Self-Help Eviction
(Photo © Jim Esposito Photography L.L.C. / Getty Images)
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