New Laws Concerning Tenants and Foreclosure

Title VII - Protecting Tenants at Foreclosure Act of 2009 - Section 702 - Declares that, in the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this Act, the immediate successor in interest in the property pursuant to the foreclosure shall assume such interest subject to: (1) provision by such successor of a notice to vacate to a bona fide (non-mortgagor) tenant at least 90 days before the effective date of such notice; and (2) specified rights of such tenant to occupy the property until the end of the remaining lease term. Section 703 - Amends the United States Housing Act of 1937 to declare that, in the case of an owner who is an immediate successor in interest pursuant to foreclosure during the initial term of a lease, the tenant's vacating of the property prior to sale shall not constitute other good cause for terminating the tenancy or occupancy rights of the victim of domestic or similar violence or stalking. Allows the owner to terminate such a tenancy, however, effective on the date of the unit's transfer to the owner if the owner: (1) will occupy the unit as a primary residence; and (2) has given the tenant a notice to vacate at least 90 days before the effective date of such notice. Declares also that, in the case of foreclosure on any federally-related mortgage loan or on any residential real property in which a recipient of public housing assistance resides, the immediate successor in interest assumes such interest subject to: (1) the lease between the prior owner and the tenant, and (2) the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit. This was taken from www.govtrack.us For further details go to the website directly.