Friday, June 26, 2009
President Obama Signs the Helping Families Save Their Homes Act
By: Chris Fisher
One of the most overlooked problems in the current foreclosure crisis has been the eviction of renters in good standing from properties in foreclosure even if not through their own fault. In an effort to prevent this the “Helping Families Save Their Homes Act of 2009” was signed by President Obama on May 20th. President Obama stated that “Because many responsible renters are being unfairly evicted from homes that go through foreclosure because the owners haven't been paying their mortgages, it requires banks to honor existing leases, or provide at least 90 days notice for renters on month-to-month leases.” This legislation will require that in the event of foreclosure, existing leases for renters will be honored and in cases of month-to-month leases, tenants are now required to be given a minimum of 90 days notice before eviction. Similar protections are also put in place for section 8 tenants.
“These landmark pieces of legislation will protect hardworking Americans, crack down on those who seek to take advantage of them, and ensure that the problems that led us into this crisis never happen again" said Obama who believes The “Helping Families Save Their Homes Act of 2009” will bring some much-needed help to many homeowners who are trying desperately to save their homes.
For more information regarding the "Helping Families Save Their Homes Act" Click Here to view the Official White House Press Release.