Detailed Summary

Tenant Protection in Foreclosure Act of 2007 - Amends the Truth in Lending Act with respect to the effect on a preexisting lease of foreclosure on any dwelling or residential real property securing an extension of credit.

States that any successor in interest in such property pursuant to the foreclosure shall assume that interest subject to: (1) provision of a 90-day notice to vacate to any bona fide tenant of such property; (2) the rights of such a tenant either to continue occupancy until the end of a preexisting lease, or until the end of the six-month period beginning on the date of the notice of foreclosure, whichever occurs first; and (3) the right of such a tenant to the 90-day notice to vacate, if the tenant has no lease or has a lease terminable at will under state law.

Status of the Legislation

Latest Major Action: 12/17/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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