Excerpts from: The Atlanta Journal-Constitution at http://www.ajc.com/business/content/metro/stories/2008/12/07/evictions_1207_4dot_3DOT.html.
Foreclosures Strike at Renters, Too
"Unlike some states, under Georgia law the tenant is not informed that a property is in foreclosure until after the process is over. Renters have little recourse under the law. They can appear in court to answer the eviction notice, a process that could delay their ouster for up to 21 days. But in general a judge is bound by law to order a post-foreclosure eviction. When tenants in Gwinnett get the boot, it’s Maj. David Parr’s deputies who evict them. Parr, of the county Sheriff’s Department, sees tenants as innocent victims caught in a situation that “isn’t morally right.”...
The sheriff in Cook County, Illinois rankled the banking industry and garnered national attention Oct. 9 when he halted all evictions in his jurisdiction. Sheriff Tom Dart said he was tired of his deputies showing up to evict home-owners and finding renters there. Dart ended the moratorium after meeting with judges to ensure renters are given a 120-day grace period before moving, as required by Illinois law.
The California Legislature passed a law this year that requires renters to have 60 days’ notice prior to being evicted from a foreclosed property. In Chicago, a new ordinance requires tenants to be informed within seven days of the beginning of foreclosure proceedings.
The Ohio Legislature is considering a Renters Protection Act, which would require landlords to tell potential tenants if a rental property is in foreclosure and notify current tenants of a foreclosure within 30 days of the filing."
This entire article can be found at: http://www.ajc.com/business/content/metro/stories/2008/12/07/evictions_1207_4dot_3DOT.html.
Monday, December 29, 2008
Tuesday, December 23, 2008
Fannie Mae to End Tenant Evictions in Foreclosures
The following is an excerpt from an article written by Kelly Evans on the Wall Street Journal Website. The entire article can be found at: http://online.wsj.com/article/SB122929716434005201.html.
"Fannie Mae is finalizing a national policy that will allow tenants to remain in their homes even if their landlord goes into foreclosure -- a landmark decision for tenants.
The policy will be in effect Jan. 9, Fannie Mae said Sunday, and reflects growing pressure on the mortgage company from a legal-aid group that threatened to sue over recent evictions. The company said it will also ensure its current holiday moratorium on new evictions is being followed until the new policy takes effect...
Freddie Mac hasn't announced a similar policy reversal, though a spokesperson said they are "currently evaluating additional actions."
The decision by the government-backed mortgage giants represents just a slice of the market and excludes many properties purchased with riskier loans that are now falling into foreclosure. Fannie Mae and Freddie Mac, however, are uniquely structured to be able to address the issue, which effectively now has them acting as a type of landlord or property-management company to administer month-to-month leases to renters of their foreclosed properties."
To read this entire article, go to: http://online.wsj.com/article/SB122929716434005201.html.
"Fannie Mae is finalizing a national policy that will allow tenants to remain in their homes even if their landlord goes into foreclosure -- a landmark decision for tenants.
The policy will be in effect Jan. 9, Fannie Mae said Sunday, and reflects growing pressure on the mortgage company from a legal-aid group that threatened to sue over recent evictions. The company said it will also ensure its current holiday moratorium on new evictions is being followed until the new policy takes effect...
Freddie Mac hasn't announced a similar policy reversal, though a spokesperson said they are "currently evaluating additional actions."
The decision by the government-backed mortgage giants represents just a slice of the market and excludes many properties purchased with riskier loans that are now falling into foreclosure. Fannie Mae and Freddie Mac, however, are uniquely structured to be able to address the issue, which effectively now has them acting as a type of landlord or property-management company to administer month-to-month leases to renters of their foreclosed properties."
To read this entire article, go to: http://online.wsj.com/article/SB122929716434005201.html.
Wednesday, December 17, 2008
Eviction Help Network
Join the social network for tenants in crisis due to landlord foreclosure. Participate in blogs, forums and discussions for people in the same position you are in. Find links to informative articles that provide resources for foreclosure tenants and their needs. This network is 100% FREE... and there is NO spamming involved, ever!
Over 85,000 homes were foreclosed on in 2007. Many of those homes were rental properties. A new bill, "AB2586," requires the banks to notify tenants of foreclosure proceedings. It will also require utility companies to notify of pending disconnections. View this video for more details.
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Join the informative network for tenants whose landlords are in foreclosure. Get access to blogs, forums, FAQ's and other resources at www.stopit.ning.com.
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