Bills to Protect Renters of Bank Foreclosure Property

The Oregon Senate is deliberating on bills that would offer additional protection to renters of bank foreclosure property. Renters are the latest unsuspecting victims of the foreclosure crisis. Some delinquent landlords do not bother to inform their tenants that the properties they are renting are under the foreclosure process. And the hapless renters would be left out in the street when served with an eviction notice. Through these two bills pending before the Senate, the state of Oregon is hoping that these laws would give ample protection to tenants of bank foreclosure property. The Senate Bill 952 would protect the rights of renters of bank foreclosure property by giving them increased notice, the requirement that only property owners can evict the tenants and minimum notification period. Under the law, buyers of foreclosed properties are mandated to notify monthly renters at least 30 days before the scheduled eviction and 60 days for fixed lease tenants. Oregon Law Center's Sybil Hebb said that the bill is necessary because the flood of foreclosures in Oregon remained unabated. She pointed out that currently, no law protects the rights of renters of bank foreclosure property. Oregon's foreclosure activity increased by 151 percent in the first quarter of this year which caused alarm on state officials. About 10,547 homeowners in the state received foreclosure filings, a 29 percent rise from the last quarter of 2008 and 151 percent higher from the first quarter 2008 level. Oregon's foreclosure filings last March reached 3,388, representing a 6 percent decline from February's figures but still a whopping 107 percent higher from the March 2008 total. The foreclosure problem in the state spared no one, including renters whom Hebb described have suffered from the devastating effects despite paying their monthly rent diligently. Meanwhile, the second legislation, Senate Bill 771 increases the notification period to two months for renters who have lived in a bank foreclosure property for more than a year. The bill, which already passed the House, gives ample time for renters to find an alternative place to live. Currently, Oregon law provides that landlords of bank foreclosure property should give a month's no-cause notice to all renters. Representative Wayne Krieger explained that the bill is a result of negotiations between landlords and tenants. Start your Search for:

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