Does the 90 day notice need to be formal - in a letter format?I noticed that we provided one via email - one sentence including the eviction date. Is this sufficient?

thanks,

You plan on e-mailing a tenant with the notice to vacate? You have to be kidding me? I would not be doing any less than sending this registered mail.

That's what I encountered in the file during the review. I will bring it to their attention.

Is it considered a finding? I know the person in charge of foreclosures is going to want me to show her proof from the regulation when I note it as a finding?

thanks,

I could not find anything which describes the form that the notice must take. However, it seems logical and reaonable that you would want to have proof that you delivered the notice and in the appropriate time frame. Randy's suggestion of registered mail just makes common (and business) sense.

Here is the law and while "notice" is not specifically defined in the law, you are basically sending these people an eviction notice. I'm sure that someone smart enough to be involved in a foreclosure process and with the notification requirements that go along with that process can plainly see that such a notice to a tenant via e-mail is not going to hold up in the court of law when the tenants then seek to sue the bank for not protecting their rights. I'm sure they don't "e-mail" a right of cure to the consumer and tell the judge that yes, all requirements for foreclosure have been followed By the way, the regulators have been hammering on this regulation in the latest series of exams in our area.


SEC. 702. EFFECT OF FORECLOSURE ON PREEXISTING TENANCY.
(a) IN GENERAL.—In the case of any foreclosure on a federally related mortgage loan or on any dwelling or residential real property after the date of enactment of this title, any immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to—

(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and

(2) the rights of any bona fide tenant, as of the date of such notice of foreclosure—

(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or

(B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1), except that nothing under this section shall affect the requirements for termination of any Federal- or State-subsidized tenancy or of any State or local law that provides longer time periods or other additional protections for tenants.

Has anyone heard if the Act will be extended after the end 2012?

I believe the DFA already extended it to 2014.