More Foreclosure protection for Servicemembers

[Desert Sapper]

Link

Law Gives Military Renters More Protection Against Foreclosures
By Army Sgt. 1st Class Michael J. Carden
Special to American Forces Press Service

WASHINGTON, June 11, 2009 - President Barack Obama's latest efforts to look after home renters gives military members additional protection if the homes they rent are foreclosed, a Defense Department official said today.

The president's Protecting Tenants at Foreclosure Act of 2009 was signed into law on May 20. The legislation ensures that renters aren't forced out of their homes if foreclosure occurs and a new landlord takes over.

Renters in every state now have more time to find new homes. The new law greatly benefits the military, as the vast majority of active duty servicemembers rent homes throughout the United States, said Army Col. Shawn Shumake, director of legal policy in the Pentagon's personnel and readiness office.

Good news for those that are having trouble.

[Alvin Gregg]

Hi,

It is a good policy by barack obama's administration towards our men and women in uniform who are protecting us and our country.

[Redleg]

When leasing a property whether residential or commercial, you should ensure this type of "hold-harmless" agreement is already written in the lease. This practice will insure that new ownership cannot force you out and may be compelled to buy you out at your option.