If your landlord is facing foreclosure on the property you live in, it can be a difficult and confusing time. The Protecting Tenants at Foreclosure Act (PTFA) was created to assist renters in this situation. Under this law, valid tenants are permitted to stay in the residence until the end of their lease term or, if the lease is a month-to-month lease, tenants must be provided with at least 90 days of notice before the termination of their lease.
While most renters are protected by PFTA, there may be stronger state or local laws that provide you with additional rights. If you have any questions about your legal rights, contact an attorney for assistance (to find attorneys in your area go to findlegalhelp.org ).
If you believe that your lease is covered by PTFA, want to know if you qualify, or simply would like more information; contact the Fannie Mae Resource Center at 1-800-7FANNIE (1-800-732-6643).