Skip to main content

Byte Software announces software for the Home Affordability Modification Program

National Mortgage Professional
May 11, 2009

NLIHC statement on actions to protect renters affected by foreclosuresMortgagePress.comrenters, Helping Families Save Their Homes Act, Mortgage Reform and Anti-Predatory Lending Act of 2009, National Low Income Housing Coalition With actions taken by both the U.S. Senate and House of Representatives this week, renters in the United States are very close to being protected from precipitous loss of their homes when their landlords are foreclosed upon. An amendment by Sen. John Kerry (D-MA) to the Helping Families Save Their Homes Act, which was passed by the Senate Wednesday, May 6, will require that tenants with leases remain in their homes for the terms of their leases. If the property is purchased by new owner-occupants, tenants must receive 90 days' notice before being required to vacate. Tenants with a Section 8 housing choice voucher would be able to remain in the property with both their lease and rental assistance payments intact. A similar provision was included in the Mortgage Reform and Anti-Predatory Lending Act of 2009, which was passed by the House May 7. Champions in the House to protect renters from imminent eviction at foreclosure are Representatives Keith Ellison (D-MN), Carolyn McCarthy (D-NY), Michael Capuano (D-MA), and Barney Frank (D-MA). "Both the Senate and House have acted now to protect the most innocent victims of the foreclosure crisis--renters," said Sheila Crowley, president of the National Low Income Housing Coalition. "We urge Senate and House leadership to expedite the legislative process to get this critical bill before the President for his signature without delay. The need is urgent for a national policy that requires that all renters at least receive reasonable notice at foreclosure." The National Low Income Housing Coalition estimates that 40 percent of the households who have lost their homes because of foreclosure are renters. Only in New Jersey and the District of Columbia does tenancy survive foreclosure. In most other states, renters have very few rights when their landlords are foreclosed upon and can be evicted with very little or no notice. For a state-by-state review of protections, click here. For more information, visit www.nlihc.org.
Published
May 11, 2009
More from
Tech
First Tech Federal Credit Union Chooses ICE Mortgage Technology’s EPPS

First Tech Federal Credit Union has chosen ICE Mortgage Technology’s EPPS to improve automation, compliance, and scalability to meet the demands of over 720,000 members. 

Tech
Jul 29, 2021
ICE Makes Enhancements To Its Mortgage Prepayment Model

The Intercontinental Exchange, Inc. made enhancements to its mortgage prepayment model with daily residential mortgage rates from ICE Mortgage technology.

Tech
Jul 27, 2021
Liquid Mortgage Technology Supports Efficient Debt Market

Liquid Mortgage received a U.S. patent for its distributed ledger technology to support its future vision of efficient and transparent debt markets.

Tech
Jul 22, 2021
Rocket Expands Home Search Tool To All 50 States

Rocket Homes announced its growing home search tool now includes listings from all 50 states.

Tech
Jul 21, 2021
Better's One-Click Checkout Now Offers Title Insurance For Refi's

Better announced it has been licensed as a title insurance provider for refinance transactions through Better Settlement Services (BSS) in Virginia. 

Tech
Jul 20, 2021
Fairway Independent Mortgage Uses Doma To Improve Refinance Business

Doma Intelligence platform will remove key points of friction and frustration that affect traditional mortgage closings.

Tech
Jul 16, 2021