Federal “Protecting Tenants at Foreclosure Act” is Back

However, this law has been reenacted in SB 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, which was signed by the President earlier this week. The law requires a ninety-day notification to vacate by the new owner to the hold-over tenant under a bonfire lease. Loan servicing industry publication D S News , which has followed the progress of SB2155, seemed surprised to discover that this re-enactment had occurred.  From the lender’s point of view, this lengthens the time required to obtain possession of the collateral.  From the tenant’s point of view, until the sheriff’s hammer falls, the lease term may not have ended and it may not be safe to simply leave.

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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