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Renting tenants protected by new law in event of foreclosure

Foreclosure Rental
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While it’s no secret that the state of Florida leads the nation in foreclosures, the disparity between the Sunshine State and the national average is anything but close. Approximately one in every 425 Florida residences are in the foreclosure process, while the national average is one in 1,049. Florida Governor Rick Scott is finally doing something about it.

Governor Scott recently passed a foreclosure law that had been denied just two years ago, but still proves timely considering the foreclosure issues in his state. The new law states that renters must be given 30 days’ notice before being evicted from their homes, amending a law that previously required notice of just 24 hours. Oftentimes, renters were unaware that their residence was going into foreclosure until receiving an eviction notice and near-immediate relocation demands. Many renters have been subject to this treatment, which is why state Rep. Hazelle Rogers pushed for this same law back in 2013.

“Landlords were renting knowing they were in foreclosure, but the tenants were unaware and didn’t have time to find another rental property,” said Rogers, who also spoke about many renters calling her back in 2013 to complain about this exact issue.

Exceptions to this new law

While the passing of this law can be seen as a win for the majority of renters, there are some exceptions put in place that may affect a small amount. For instance, tenants who are also mortgagers on the property may be kicked out before the 30-day window is up, as could tenants whose rent payments are “substantially below fair market value for their specific premises.”The term “substantially less than”is one that has yet to be defined exactly, but does protect against the eviction of low-income families relying on assistance under the Housing Choice Voucher Program, also known as Section 8.

Learn more from Graham Legal

If you need help ironing out the specifics of your foreclosure situation, and would like to set up a free initial consultation with a knowledgeable foreclosure attorney in Miami, Graham Legal is here for you. Feel free to give us a call today for answers to any questions regarding Miami foreclosure law and your individual circumstances.

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