There are three main points Americans should know about foreclosure: 1) While a federal law protecting tenants during foreclosure expired, state laws may still provide protections; 2) Tenants facing foreclosure should consult a lawyer specializing in foreclosure; 3) Tenants should continue paying rent as usual until receiving proper written notice to vacate from the new owner following foreclosure completion.

1. 3/27/2018 Olympia Law PC: What Americans Should Know About Foreclosure
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Olympia Law PC
TUESDAY, MARCH 14, 2017
What Americans Should Know About Foreclosure
There used to be a federal law that protected tenants who faced foreclosure. But that
law expired on the last day of 2014. There are still state laws though that protect
tenants. It is crucial to remember that if the property being rented out is going into
foreclosure, or if a notice has been given instructing a tenant to vacate after foreclosure,
then said tenant should seek out a lawyer specializing in foreclosure.
Here are some things that tenants need to know.
Tenants should still pay rent and comply with the terms of the rental
agreement or lease, despite the looming foreclosure.
Once the foreclosure is done and a new landlord takes over, tenants should
pay their rent to the new owner.
Tenants are not required to vacate the property right after the foreclosure.
Tenants should always receive a proper written notice before the action of
foreclosure can begin.
New owners should always have a “Trustees Deed” for the property to
confirm they own the place.
An indicator that a landlord is facing foreclosure is if the utility company cuts
its services. Lack of funds to pay for services usually also means lack of
funds to pay the mortgage.
Olympia Law P.C., with offices in Las Vegas, Los Angeles, Glendale, and Irvine,
specializes in a number of cases, including foreclosure. Discover more about the firm by
logging on to this site.
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2. 3/27/2018 Olympia Law PC: What Americans Should Know About Foreclosure
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