Yahoo News is reporting that tenants in properties foreclosed by Fannie Mae may get to stay...for a while.
The new Fannie Mae policy, which would go into affect before January 9, 2009, would allow renters living in foreclosed properties to sign new short term leases with Fannie Mae while the property is up for sale.
Not sure how many folks this will help in Sacramento...or CA as a whole for that matter? There is a 60-day notice to tenants provision in state legislation (SB 1137) that passed earlier this year.
Just make that rent check out to Fannie Mae...
3 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • December 16 2008 06:43PMComments
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The results of this is going to be interesting...great for tenants, but could it be a problem for the banks when the 60 days kick in? I guess we will wait and see.
I am pretty sure the 60-days notice thing is already in affect as of a couple months ago...it ONLY applies to tenants of foreclosed property though, not owners occupying foreclosed property.
I think you're right...I had forgotten that they brought back the 60 days. thanks for the update!