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#1314393 - 12/29/09 03:23 PM Protecting Tenants at Foreclosure Act
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
We've been lucky that we have not had to deal with a foreclosure where there is a tenant in the property, but I think we are about to.

We have not conducted any formal training yet with our lenders or integrated it into our compliance monitoring. Better late than never, right?

Does anyone have any good resources, checklists, training pieces, etc. that you can share?

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Lending Compliance
#1314496 - 12/29/09 05:02 PM Re: Protecting Tenants at Foreclosure Act Many Hats
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
We just follow the timing rules. The areas that deal with foreclosure are the ones that I hve given that info to.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1314559 - 12/29/09 06:10 PM Re: Protecting Tenants at Foreclosure Act RR Joker
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Joined: May 2008
Posts: 915
Orlando, FL
Can anyone share a sample of their 90-day Notice to Vacate letter?

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#1314571 - 12/29/09 06:31 PM Re: Protecting Tenants at Foreclosure Act Many Hats
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
This is one I have:

Dear ________,
The XYZ Bank has foreclosed on the property located at 641 AB Street Anytown Georgia on August 4, 2009. I have left a card in your door in an attempt to have you contact me regarding your existing lease, and rents going forward. Our standard operating procedure is to file a dispossessory with the expressed understanding that we, in most cases, wish for you to remain in the property. This is done by a letter such as this one, and an agreement that once you receive the letter and contact us, we will make arrangements with you to keep your rent paid. This is done by either your providing us with a copy of your lease (if we have not already obtained one) and giving you instructions on where to pay your monthly rent. If we do not hear from you within the dispossessory period, we will go through with the dispossessory. This process gives you approximately 2 weeks to contact us. As per the Protecting Tenants at Foreclosure (PTFA) act of 2009, you should receive 90 days notice prior to vacating if the above requirements are not met. Let me state again that it is our wishes to have you remain in the property at foreclosure, but rents must be paid and your cooperation during the sales and marketing period is a must.
Please contact me at 229-xxx-xxxx, ext 1xxx regarding your tenancy and requirements going forward.
Respectfully,
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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