As foreclosure rates in Florida continue to rise, many renters are being unexpectedly forced from their homes when the investment property they reside in is being foreclosed on. On May 20, 2009, President Obama signed into law the Protecting Tenants at Foreclosure Act of 2009 aimed at resolving this very issue.

Prior to the enactment of this law, foreclosure automatically extinguished any leases on the property and the purchasers of the home at auction could immediately evict the tenant. The law now allows for a lease to survive the foreclosure action, meaning tenants can stay at least until the end of their lease, or in the case of a month-to-month lease, tenants are entitled to 90 days notice before having to move. However, an exception was created for when the buyer of the foreclosed home intends to use the property as his/her residence.If the buyer intends to live on the property the buyer may terminate the lease with 90 days’ notice. Overall, the new law affords greater protections for tenants as at least some tenants will be able to remain in their homes until the end of their lease, or will at a minimum be given 90 days notice to relocate.

Renting an apartment or home may seem simple enough during the life of the lease but both Landlords and Tenants often fail to properly abide by the specific requirements of Florida law which govern the duties of the respective parties upon the expiration of the lease. Most notably, the procedure to be followed regarding the return of a security deposit are not properly understood and frequently cause landlords and/or tenants to lose the right to the security deposit. Florida Statute 83.49(3)(a) sets forth the notification requirements that a Landlord must follow when a Tenant vacates the premises or the term of the lease expires.

For those who are having trouble making their monthly mortgage payments or have been served with a foreclosure complaint here are some tips on how to survive a foreclosure: KNOW YOUR MORTGAGE RIGHTS

1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.