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RSS FeedHouse Passes Foreclosure Rental Bill |
Posted at The LA Realty Report by Johnny Burke
Jul. 31, 2009
Categorized in: foreclosures
The House Of Representatives this week passed a bill that would essentially authorize federally-insured depository institutions and banks to lease back houses to occupants of foreclosed properties. The proposed terms of the lease is up to five years. This is a bold move, which is aimed at limiting inventory, which would then hopefully stablilize home prices. The long term effects will vary depending on location, and just how long the defaulted homeowners will be allowed to stay as renters will be up to the bank. You can read more here.
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1. RE: House Passes Foreclosure Rental Bill
WHAT RIGHTS DOES A RENTER OF PROPERY BEING FORECLOSED ON THAT HAS A UPCOMING SALE DATE. THERE ARE TWO RENTALS ON THE PROPERTY. NEITHER OF US WERE GIVEN ANY INFORMATION AS TO ANY OF THIS. WHAT WILL HAPPEN TO US ? PROPERY IS LOCATED IN LANCASTER, CA WHICH IS IN LOS ANGELES COUNTY.
alethajohnston@yahoo.com