Posts Tagged ‘home foreclosure sales’

New Foreclosure Rights for Renters

December 10th, 2008

In a recent article written by Chris Reidy, he reveals a new home foreclosure brochure that outlines renters’ rights. The administration of Governor Deval L. Patrick said today that it has issued a brochure outlining the rights and responsibilities of Massachusetts renters living in foreclosed housing units. According to the Massachusetts Executive Office of Housing and Economic Development and the Office of Consumer Affairs and Business Regulation, the brochure “empowers renters with information to ensure that they understand the foreclosure process and are not unfairly evicted after the building they live in is foreclosed upon.” The days of sponsoring and encouraging no credit loans have disappeared. The administration noted that the Commonwealth’s Division of Banks estimates that 30% of the 7,653 Massachusetts home foreclosure sales in 2007 involved multi-family properties. Foreclosures have jumped as a result of the credit crisis and the slumping economy. Foreclosure news continues to headline newspapers across the country. Unfortunately, millions of Americans have lost their houses during the housing crisis. Hopefully the Dodd-Frank laws will do a better job to protect tax-payers against paying the bill for bad mortgages.

According to state law, a tenant is entitled to at least thirty days written notice if the owner wants them to vacate the property, and a tenant is then entitled to a court hearing if they wish to remain in their home after receiving the proper thirty days written notice, the Patrick administration said in a press release, which added that without court approval, owners do not have the right to evict their tenants. The State of Massachusetts continues to take an active role for home preservation as the are actively promoting foreclosure prevention methods with mortgage relief from mortgage loan modifications and loan work-outs.

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