When The Home You Rent Goes Into Foreclosure

Before May 20, 2009, most renters lost their leases upon foreclosure. These rules changed dramatically on May 20, 2009, when President Obama signed the "Protecting Tenants at Foreclosure Act of 2009. This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).

Does It Make Sense to Evict Tenants?

New owners may want to terminate existing tenants because they believe that vacant properties are easier to sell. Common sense suggests otherwise.

The first time home buyers tax credit was about to expire June 30th and at the eleventh hour, the Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. The vote was mostly along party lines, with only four Republicans in favor and one Democrat

Legal Avenues for Homeowners to Avoid/Delay Foreclosure Proceedings

Whether your home is in foreclosure or worried about foreclosure in the near future, below are ten techniques and legal strategies homeowners should contemplate during this stressful time period.

Technique number 1-Chapter 7 Bankruptcy 

The first and probably one of the more well known ways of delaying a foreclosure is chapter 7 bankruptcy. Any kind of bankruptcy will immediately stop your foreclosure where ever it is. A chapter 7 bankruptcy will actually dissolve all debt and absolve you of the responsibility to pay your debt. It will temporarily delay foreclosure with the US bankruptcy court. Usually it will buy up to 45 to 75 days, sometimes more sometimes less depending on your