The current market situation with the flood of homes in foreclosures creates a great distress to potential Tenants. I am sure that you have heard this story before : " John is moving with his family to Miami from another state, He look at some home, and found a home that was in the market for rent by owner. The owner offered him a great deal on the rent, and John felt like he really got a great deal. Little that John knew, after moving in and having his family settle. On that Thursday afternoon, somebody is knocking at the door, and for his surprise was the sheriff with the package from the court that the house is in foreclosure. Yes, John closed the door and in complete unbelief, called the owner, and the owner shared with him that he is trying to solve the situation, but in the meantime, John must pay his rent on time or he will be in default."
Many people are in this same situation, and do no understand their rights. Tenants can find many answer to their questions on the Protecting Tenant at Foreclosure Act (PTFA). This act includes provisions that protect residential tenant when the are leasing is foreclosed. Also, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) clarified what does NOTICE OF FORECLOSURE means.
You see, the truth is that we do not have to be a victim of circumstances. We can get inform, understand the market, and plan for a better future. Opportunities are always knocking at our doors, but sometimes we do not recognize it.
Amarilys Bocz
Real Estate Professional
(305) 904-0245
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