In recent years, unprecedented job losses, market fluctuations, and economic uncertainty have caused a spike in the number of home owners in foreclosure or in danger of becoming so. As more home owners have fallen behind on their mortgages, many local markets have been flooded with distressed sale properties—short sales or actual foreclosures. This situation has demanded that REALTORS® develop new skills to respond on behalf of their clients and their communities.
The Protecting Tenants at Foreclosure Act, part of the Helping Families Save Their Homes Act of 2009, includes provisions to protect tenants from eviction as a consequence of foreclosure affecting the property being rented. It is important that buyers and sellers of rental properties—and their agents—are familiar with this law and what it entails. NAR has developed a set of frequently asked questions about this law to help buyers and sellers understand their responsibilities. For additional information about the rights of tenants in eviction situations, visit the National Law Center on Homelessness & Poverty, which is working with NAR to educate REALTORS® and the public on tenant rights. Or read NAR's issue brief and FAQ on the act.