The Protecting Tenants at Foreclosure Act of 2009 (PTFA), is included in the Helping Families Save Their Homes Act of 2009 (S. 896 -- Public Law 111-22, approved May 20, 2009.) It requires that tenants residing in foreclosed residential properties be provided notice to vacate at least 90 days in advance of the date by which the immediate successor, generally, the purchaser, seeks to have the tenants vacate the property. **Except where the purchaser will occupy the property as the primary residence, the term of any bona fide lease also remains in effect, which we know our Corporate Clients will not be doing.
This legislation and regulation came into being because, all too often, tenants were caught unaware that the residential property in which they reside was being foreclosed and were given little notice of the need to vacate the property. The objective of these new tenant protections is to ensure that tenants receive appropriate notice of foreclosure and are not abruptly displaced.
Requirements are to provide tenants with at least 90 days advance notice to vacate and to preserve the term of any bona fide lease apply to foreclosures on all federally-related mortgage loans or on any dwelling or residential real property.
Our clients depend on the Clay Kime REO team to insulate them from future surprises that could delay asset disposition, property preservation, and timely settlement. Clay is REOM & CREO Certified by NFSTI and serves as the Virginia State Director and Executive Member of the REOMasters Network.
The REO and Distressed Property Management Division at RE/MAX Preferred Properties has implemented a fully PL 111-22 compliant Property Management Program for our Corporate Clients.
All of our occupancy verifications are conducted immediately upon receipt of every assignment. If the property is found "occupied," verification of the identity of the occupant is required. Verification of the occupancy rights (lease, rental agreement, etc.) is also required, including proof of prior payments to the landlord (previous owner). Immediately thereafter, the results of this interview are assigned to our legal team, and communicated to the Client.
If a Cash for Keys negotiation is explored we work aggressively to obtain agreement with the occupant. We further work to prosecute evictions immediately where occupancy retention rights are misrepresented.
In instances where continued occupancy in compliance PL 111-22 is required, we stand competent and experienced to ensure our Corporate Clients are compliant with full, licensed property management administration throughout the legal requirements.
There is much more to full legal compliance with PL 111-22. Please feel free to give us a call at (703) 625-2652 to discuss how our full range of REO services . . . can help you excel. Or just E-Mail us at TeamKime@MRIS.com
You can also Twitter me at REOVirginia.Come and meet all the REOMasters professionals at the FiveStar Conference, September 21 -23. I invite you to join me and REOMasters Network at “the” Blow-out charity, fund raiser party “Club Tsunami” (8:00 p.m. – 2:00 a.m) immediately following the RES.NET Community Cookout from 6:30 – 8:30 p.m on September 21st.
At Club Tsunami, 100% of the ticket sales go to our designated charity partner, The Foreclosure Angel Foundation.The Foreclosure Angel Foundation is overwhelmed with thousands of desperate cries for help, many from battered spouses, the elderly and infirm, requesting relief from either losing their home, or help finding a new place to live and sleep. Marylin Mock, the Executive Director recently told me that she has well over 3,000 applications for assistance from the most fragile and frail in our society, awaiting assistance.
At Club Tsunami, 100% of the ticket sales go to our designated charity partner, The Foreclosure Angel Foundation.The Foreclosure Angel Foundation is overwhelmed with thousands of desperate cries for help, many from battered spouses, the elderly and infirm, requesting relief from either losing their home, or help finding a new place to live and sleep. Marylin Mock, the Executive Director recently told me that she has well over 3,000 applications for assistance from the most fragile and frail in our society, awaiting assistance.
Come meet Marylin Mock and the REOMasters Network team and celebrate this worthy fund-raiser. The Club Tsunami event will be completely sold-out before the 21st.st.
I have a some Corporate Clients that cannot attend FiveStar this year. As a result I have few extra pre-paid, VIP tickets available for PMs and AMs. Interested, please let me know.
Regards,
Clay
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