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What Wall Street reform means for tenants of foreclosed properties

When President Obama signs the Wall Street Reform and Consumer Protection Act into law next week, at least two provisions will benefit tenants of foreclosed properties.

? Makes clear that tenants can remain in their homes for 90 days after the date on which title to a property is transferred by a court order. The Protecting Tenants at Foreclosure Act provision which provides this protection referred to a "notice of foreclosure," and there had been some dispute about the meaning of that term. Now we know that the 90-day clock doesn't start until title to a property is transferred by a court order (or through a non-judicial foreclosure process in states other than Florida).
? The bill extends the expiration date for the Protecting Tenants at Foreclosure Act from the end of 2012 to the end of 2014.

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Full post as published by the 13th juror on July 15, 2010 (boomark / email).