Rental Homes Occupants Now Protected
Rental homes occupants now have more rights and stronger protection, as the new foreclosure prevention bill was signed into law by President Barack Obama. This was after landlords who were not able to pay their mortgages caused their renters to get out of their houses. According to the National Low Income Housing Coalition, a strong 40 percent of renters were kicked out of their rental homes because of their landlords’ inability to pay their home mortgages.
Under the foreclosure prevention bill, tenants who are actually able to pay their rent bills on time can stay in their rental homes until the end of their contract or their lease. Also, even those without a lease would be given protection. Renters without leases would be allowed to stay in their houses for 90 days after the house is declared as foreclosed.
This law strengthens the position of renters in the market. In fact, there have been laws that protect renters ever since. For instance, the District protects tenants from being kicked out of their rental homes during their lease, not unless they actually are not able to pay their rent. For more information regarding this, the National Law Center on Homelessness and Poverty details all the laws and regulations in their website.
This is part of the Helping Families Save Their Homes Act. It was approved by the Senate based on a 91-5 vote. There have been more and more actions in the part of the government as well as families and non government organizations to keep families in their houses.
These concerns extend to renters. Nationwide, tenants have been getting more and more privileges and rights, including protection from easily getting evicted and paying higher rent. More and more organizations are expressing their support to keep rental homes occupants protected financially. Current laws are able to shield renters by limiting rent amount base on a tenant’s income. Although helpful, a lot of renters and renter organizations still voice out opposition against existing rules and provisions, saying that these are not enough for them to be able to live comfortably amid this economic turmoil. As experts and economists see gradual recovery for the housing industry, homeowners continue to get hurt by the sore effects of the recession.
