Come this January 1st a whole new era in the foreclosure/distressed Market Place will come alive–the “Homeowner’s Bill of Rights”, most every state will have one, goes into effect. Some of the more dramatic highlights:
- Tenants with valid leases written PRIOR to the foreclosure can have them REMAIN in effect. Tenant leases a home for a year, in writing, Seller goes belly-up, lease MUST be honored by new owner. However, any fraudulent work will have the lease dismissed.
- You’ll see the Attorney’s circling as the HBR gives the homeowner broad reach–just how BROAD will be determined by the courts in the months to come. “Robo-signings” will be no more but if they happen and fraud is detected injunction relief will be the Homeowner’s tool! Here are all of the new “Rights”.