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Byte Software announces software for the Home Affordability Modification Program

National Mortgage Professional
May 10, 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 10, 2009
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