Detroit Real Estate

I got a call this yesterday, "Help the Livonia home I'm renting is in foreclosure".  "How long can I stay in the house?" 

The answer is you can stay in the house until 90 days after the redemption period if:

• you have a bona fide lease (it should be in writing)
• you make the rental payments on time
• You are not a child, spouse, or parent of the owner of the home
• You are paying market rent for area ( you can't be paying $1, or $200 a month)  it has to be reasonable

This is because President signed the "helping Families save their homes act" on May 20, 2009.  It is the enactment for "protecting tenants at foreclosure act".

So the bottom line is that you have 9 months from the date of the sheriff sale if you meet the above requirements.  But you need to reach out and get a hold of the bank that holds the mortgage.  You have to make the last 3 months rental payments to them and not your landlord.

Call me if you are looking for another rental home.... my cell is (313) 310-9855

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My quote of the day is:

A kind and compassionate act is often its own reward.