South Bay Homes and Real Estate

Tenants granted foreclosure help.

The Los Angeles City Council approved a new law Wednesday that puts a one-year moratorium on banks evicting tenants when they foreclose apartment buildings and houses used as rental property.

The law, proposed by City Council President Eric Garcetti, came after Countrywide pressured tenants to leave their apartment units in violation of the city’s tenant protection rule.

After the banks complained that they did not understand that tenants protections applied to them, Garcetti’s office said, the councilman proposed the law to protect tenants.

The law could apply to thousands of families; the Inner City Law Center estimated that more than 3,800 rental units are in buildings that were foreclosed upon this year. 

Apartment owners had  the expressed concerns that the law represented an attempt to expand the city’s controversial rent-control laws, but city leaders said they were only trying to protect tenants during the foreclosure crisis.

Article found in The Los Angeles Times, December 18, 2008.  Writen by Jessica Garrison

If you have any questions regarding foreclosure, contact Rocky Rockwood, 310-809-0203 or at ryanrockwood@kw.com.  Rocky Rockwood can provide answers and solutions to your foreclosure problem.