Consumer Protection bill HB1110
Share with me your thoughts on this subject.
If a home is foreclosed on and has a person renting it still in a lease should the bank have to honor that lease as long at the renter is paying the rent ? This is one bill that is being investigated currently and would keep banks from tossing the renter out once the foreclosure has taken place. On the surface I see it as a good policy. Tell me something that you think could be bad about it and lets have a conversation.
Im a Realtor in Hampton Roads and I see this happening all the time. I have not taken a long hard looked at the pros and cons of keeping the lease in place. I do know that when you sell a home with a lease the new homeowner has to honer that lease. I would think its good practice to have the same policy with the bank takes it over. It the renter is in good standing and is willing to stay it might help the bank buy sometime on the sale of the home.