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Protecting Tenants at Foreclosure Act of 2009

Prior to 2009, when a lender foreclosed on a home, the property was sold at an auction and the new owner, frequently the bank that initiated the foreclosure proceeding was now the legal owner of the property. As such, your rights as a tenant under the lease agreement were substantially negated. Practically speaking, the foreclosure action and subsequent purchase of the rental property terminated your lease agreement with your landlord forcing an abrupt uprooting of you and your family. Read the rest of this entry