Protecting Tenants at Foreclosure Act Policy Manual
The Protecting Tenants at Foreclosure Act is part of the Helping Families Save Their Homes Act and applies to foreclosures on federally related mortgage loans or dwellings or residential properties occupied by tenants. The purpose and intent of PTFA is to protect tenants from immediate eviction by persons or entities that become owners of residential property through the foreclosure process and extends similar protections to tenants with U.S. Department of Housing and Urban Development Section 8 vouchers. PTFA ensures that tenants who may face eviction because of a foreclosure have a minimum time period to remain in the foreclosed property before eviction and have adequate notice of time they can remain, so they have sufficient time to find new housing.
PTFA was permanently restored effective June 23, 2018 under Public Law 115-174 after having previously expired on December 31, 2014.
This 14-page manual contains key information on actions that must be taken to ensure compliance when a foreclosure takes place on a tenant-occupied property.
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This Protecting Tenants at Foreclosure Act Policy Manual covers the following topics:
- Accountability and Monitoring
- Staff and Training
- Regulations and Purpose
- Bona Fide Lease or Tenancy
- Notice to Tenant Requirements
- Foreclosure and Section 8 Tenancy
- Actions Prior to Foreclosure
- Actions at the Time of Foreclosure
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|1.1||Goals and Objectives||Mandatory Review||Include the point of view or culture of your organization in this section, if applicable.|
|1.2||Required Review||Mandatory Review||Be sure this accurately reflects your company’s annual policy review process|
|2.1||Internal Controls||Mandatory Review||Include or reference related procedures in this section.|
|3||Staff and Training||Mandatory Review||Include in this section the means by which your organization provides and tracks required training.|
|4.3||Dodd-Frank Act||Recommended Best Practice||You may choose to refer to any written procedures for documenting the date of foreclosure on the system of record.|
|5||Bona Fide Lease or Tenancy||Mandatory Review||Include additional material, if applicable, related to your entity and its verification of a bona fide lease or tenancy.|
|5.2||Immediate Successor in Interest||Mandatory Review||Customize this section with any additional information specific to your entity as it relates to determining the successor in interest.|
|6||Notice to Tenant Requirements||Mandatory Review||Incorporate any entity specific guidelines for complying with requirements for documenting the date of foreclosure and providing the appropriate 90-day notice to bona fide tenants.|
|7||Foreclosure and Section 8 Tenancy||Mandatory Review||Modify as applicable with respect to identifying tenants with Section 8 housing vouchers and contracts and ensuring that Section 8 tenants are handled appropriately.|
|8||Actions Prior to Foreclosure||Recommended Best Practice||This section and its sub-sections may be amended to include information specific to your entity about verifying occupancy, documenting occupancy on the system of record, and sending notices of tenant rights.|
|9||Actions at the Time of Foreclosure||Recommended Best Practice||Amend as applicable to reflect your policies for verification of occupancy, notifying bona fide tenants of new ownership, collecting of rental payments, and sending the 90-day notice to vacate timely.|