Restoration of PTFA

Effective June 23, 2018, The Economic Growth, Regulatory Relief, and Consumer Protection Act restores the Protecting Tenants at Foreclosure Act of 2009.  The original law went into effect in 2009 and contained provisions that were designed to protect tenants facing an eviction action after the rented premises was foreclosed on because the home owner defaulted on the mortgage.  That law contained a “sunset” provision and expired on December 31, 2014.  President Trump signed into law Senate Bill 2155 which essentially permanently removed the sunset provision, thereby resurrecting the protections previously afforded “bona fide” tenants.  This means that there are special notification provisions and other protections granted to renters after a foreclosure.  Anyone affected by a foreclosure/trustee’s sale needs to seek legal counsel to determine their rights and obligations under this Act.