Protecting or Taking: The Protecting Tenants at Foreclosure Act of 2009 and its Impact on Purchasers of Foreclosed Propoerties

Nashville Bar Journal, Vol. 9, No. 8

9/1/2009

B. Walker Entwistle and Allison A. Wiemer

B. Walker Entwistle   Allison A. Wiemer

In response to the striking rise in the number of foreclosures occurring throughout the United States, on May 20, 2009, President Obama signed into law a measure designed to delay the eviction of tenants residing in residential properties following a foreclosure sale.  The Protection Tenants at Foreclosure Act of 2009 (the "Foreclosure Act") amends in part the Help Families Save Their Homes Act of 2009.  Under the Foreclosure Act, residential tenants have the right to occupy the property after foreclosure for not less than ninety days.  The Foreclosure Act went into effect immediately and, pursuant to a sunset clause, will expire at the end of 2012.

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This article is reprinted with the permission of the Nashville Bar Association, ©2009.

B. Walker Entwistle is an Associate in the firm's Atlanta office where his practice focuses on the representation of institutional lenders in all areas of creditors' rights, including bankruptcy, litigation, and workouts.  He also has experience in real estate, real estate finance, corporate finance, and general corporate matters.

Allison A. Wiemer is an Associate in the firm's Nashville office where her practice focuses on bankruptcy and creditors' rights matters.  She also has experience in commercial lending, finance and real estate law.