Helping Families Save Their Home Act - signed into effect by President Obama
Ever wonder when an the legislative orders of Congress and the President are actually going to help the troubled homeowners? Well, the Helping Families Save Their Home Act is just the legislation that we have all been waiting. This Act actually allows a tenant to reside in the foreclosed property for an additional 90 days after the property is sold at the judicial sale. The new owner usually obtains a Writ of Possession once a Certificate of Title is issued to the new owner. A Writ of Possession is similar to an eviction notice and allows the tenant 24 hours to remove their persons and belongings from the premises. However, now tenants can file a Motion with the Court stating that they are a tenant which is protected under the Helping Families Save Their Home Act and the Court will grant a 90 days extension. Procedures must be followed precisely or you will forfeit this right, so we advise that you contact a foreclosure lawyer immediately if you are a tenant who is in a home that is under foreclosure.