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Politics : View from the Center and Left

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To: Bread Upon The Water who wrote (112002)	5/27/2009 6:04:13 AM
From: Cogito	Read Replies (1) of 541667

>>I was responding to the statement that the TIME PERIOD for notice (under state law) had been extended from 60 days to 90 days and I was wondering how the Feds got the authority to do this (retroactively---essentially alter the terms/conditions under which the original loans were made---unless they retained such authority under the terms of the initial agreement.)<< Vinter - It occurs to me that you seem to care about the contract between the property owner and the bank that holds his mortgage, but not about the contract between the a tenant and his landlord. The person who buys a foreclosed property is not a party to the original loan, so its terms are irrelevant. On the other hand, a tenant who occupies the the property has a reasonable expectation that his lease contract with the original owner will confer certain obligations on the purchaser of the property. In any case, it doesn't seem to me that the time period for notice of eviction in the event of a foreclosure has much to do with the terms of a mortgage loan. Furthermore, the legal requirements for notice are not a part of the mortgage contract itself. They are simply a matter of law, and thus are subject to change. - Allen

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