Back in 2009, the Florida legislature realized that tenants needed some protection from the foreclosure crisis. The resulting Protecting Tenants in Foreclosure Act protects tenants from eviction because of foreclosure on the properties they occupy. These provisions took effect on May 20, 2009, and originally were scheduled to expire on December 31, 2012.
However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) changed the expiration date to December 31, 2014.
We still do not know if the Mortgage Debt Relief Forgiveness Act will be extended past December 31, 2012. This Act allows a waiver for certain qualifying homesteads of the tax consequences of forgiven debt such as in a short sale.
If you have questions about a foreclosure or short sale please contact Christie D. Arkovich, P.A.