WASHINGTON (9/11/09)--Credit unions that take control of foreclosed real estate must grant tenants of the property 90 days of notice before those tenants can be made to move, the National Credit Union Administration has advised. Under the terms outlined in the Helping Families Save Their Homes Act of 2009, financial institutions must also allow so-called “bona fide” tenants to occupy the foreclosed property until their existing lease expires. However, the 90-day eviction rule would still apply once the foreclosed property is purchased. According to the NCUA, a “bona fide” tenant is one that does not own the property nor is a parent, spouse or child of the property owner. According to the NCUA, the law “does not cover tenants facing eviction in a non-foreclosed property, tenants with a fraudulent lease, tenants who enter in lease agreements after a foreclosure sale, or homeowners in foreclosure.” The law also does not impact state or local laws aimed at protecting the rights of tenants. For the full NCUA release, use the resource link.