Under the Helping Families Save Their Homes Act of 2009, renters have the right to stay in their residence after foreclosure for 90 days. This protection was originally due to expire at the end of 2012. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) changed the expiration date to December 31, 2014.
After the 90 days post-foreclosure period has expired, renters are encouraged to contact their local housing authority for the availability of city and state relocation assistance programs for renters of foreclosed properties. Such renters may also be able to work out an extended rental agreement (month-to-month) if the investor is Fannie Mae or Freddie Mac.
Your housing counselor will review your credit report to see what areas need immediate attention. A detailed strategy will be developed to help you begin to rehabilitate your credit, but, depending on the extent of negative credit and your available financial resources, this may take time. In the meantime, offering a prospective landlord a deposit that is larger than what is normally required and stressing the fact that you have never been late on your rent or house note, if true, should help in securing a rental.
Most laws pertaining to tenant rights vary from state to state. We encourage clients who believe their landlords have breached the rental agreement to bring a copy of the agreement with them to the counseling session. While our specialists are not attorneys and are therefore unable to provide legal advice, they can provide you with a list of appropriate agencies and resources for you to seek further help.
Important Advisory: Clearpoint will NEVER text, email, mail or call to ask you to send or deposit money to any account other than your own (according to your chosen payment method associated with a Debt Management Program, or for specific services like housing education or bankruptcy counseling). If you receive any correspondence of this nature, please beware that it could be a scam. Do not respond or share any personal or banking information, and contact our office immediately at 877 877 1995, or by email.