The Unseen Foreclosure Effect
Thursday, October 25th, 2007“The foreclosure crisis is increasingly claiming the homes of people who never made the mistake of taking out an unaffordable mortgage: renters. Hundreds of tenants in foreclosed buildings have been evicted or are facing eviction by mortgage companies that do not want to be landlords. Tomorrow, US Representative Barney Frank said he plans to introduce federal legislation on foreclosures that includes a provision that tenant leases remain in effect after foreclosure, and that tenants without leases must receive 90 days notice before eviction.”
“Banks will no longer be able to put their convenience ahead of people’s ability to live,” said Frank, who chairs the House Committee on Financial Services. “We have asked lenders, saying, ‘You really shouldn’t do this.’ Now the next step is to make it mandatory.” - Boston.com (Full Article)