Fill and Sign the Tenants in Foreclosed Housing Oregon State Bar Form

© 2016 - U.S. Legal Forms, Inc USLegal Guide to Eviction in Foreclosure INTRODUCTION In May 2009, as part of the Helping Families Save Their Homes Act of 2009 (Pub. L. 111- 22), President Obama signed the Protecting Tenants at Foreclosure Act of 2009 (PTFA, the “Act”). The Act went into effect May 20, 2009. PTFA was enacted in May of 2009, but was originally set to expire on December 31, 2012. The Dodd-Frank Wall Street Reform and Consumer Protections Act will extend the Protecting Tenants at Foreclosure Act through the end of 2014. The Act applies to any residential real property and any person who acquires the property, whether a lender who acquires it via a credit bid or a third party investor at a foreclosure sale. The Act does not apply to tenants who are the child, spouse or parent of the mortgagor. The original lease agreement must have been the result of an arms-length transaction and require the payment of a fair market rent. N OTICE REQUIREMENTS Under the Protecting Tenants at Foreclosure Act of 2009, the purchaser at foreclosure takes the property subject to any unexpired lease. The law also requires the foreclosure auction purchaser to give notice to vacate to any month-to-month tenant. The notice must be served at least ninety days prior to its effective date. The new federal law applies to both single-family homes and large apartment complexes. Lenders, purchasers of foreclosed properties, and residential tenants should be aware of the rights and obligations contained in the Act. Pursuant to the Act, an immediate successor in interest “of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property” is required to (i) honor the remainder of the term under a “bona fide lease” entered into prior to the notice of foreclosure and (ii) give at least 90 days notice to vacate to a “bona fide tenant” who does not have a lease or has a lease terminable at will. Under the Act, a lease or tenancy shall be considered “bona fide” only if--