January 1st, 2013–Homeowner’s Bill of Rights goes into effect!!

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”.

 

Big Medicine for a BIG Problem!

One thought on “January 1st, 2013–Homeowner’s Bill of Rights goes into effect!!”

  1. This is such an important law and am glad to see it spelled out- the other part is absolutely the mortgage relief– a good short sale is so positive for the neighborhood and the homeowners and the forgiveness of debt to be not taxable is so important to the real estate market.

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