Right to Rent Act of 2013

Exercise of right— If, at any time after notice under subsection (b) for an eligible mortgage is provided to the eligible mortgagor and before the commencement of the 7-day period that ends on the first date that the foreclosing creditor may first commence or execute such foreclosure pursuant to such notice, the eligible mortgagor under the eligible mortgage that is subject to such foreclosure provides notice in accordance with section 3, notwithstanding such foreclosure or any other interests in the property, the eligible mortgagor may, at the sole option of the eligible mortgagor, continue to occupy the foreclosed property during the 5-year period that begins upon the commencement of such occupancy, subject to the requirements of subsection (c).

Limitation on timing of foreclosure; notice of default and right To rent— Notwithstanding any other provision of law or any contract, a foreclosure of an eligible mortgage may not be commenced or executed before the expiration of the 25-day period (not including Saturdays, Sundays, and legal public holidays) beginning upon the receipt, by the eligible mortgagor, of written notice provided by the foreclosing creditor for the mortgage that—

Terms of periodic tenancy— Occupancy, by an eligible mortgagor, of a foreclosed property pursuant to subsection (a) shall be under a periodic month-to-month tenancy under which the owner of the property may terminate the tenancy for material breach but shall have no authority, at will, to terminate the tenancy during the occupancy pursuant to subsection (a) if the mortgagor—

is made in writing;

is submitted, by a means under which the act of delivery is recorded, to—

states that the eligible mortgagor is exercising the authority under section 2(a) to continue to occupy the foreclosed property.

Initial determination— For purposes of this Act, the fair market rent for a foreclosed property involved in a covered foreclosure proceeding shall be the amount that is determined by the court conducting such proceeding or hearing an action pursuant to section 5.

Periodic adjustments— The fair market rent determined under subsection (a) for a foreclosed property shall be adjusted annually to reflect changes in the owners' equivalent rent of primary residence component, for the appropriate city, region, or class of city, as available, of the Consumer Price Index for All Urban Consumers of the Bureau of Labor Statistics of the Department of Labor.

Redetermination— If the owner of a foreclosed property or the eligible mortgagor under the eligible mortgage requests the court described in subsection (a) to redetermine the fair market rent for a foreclosed property determined pursuant to this section (as such amount may have been adjusted pursuant to subsection (b)) and agrees to pay any costs of such redetermination (including costs of the appraisal involved), the court shall provide for redetermination of the fair market rent for the foreclosed property in the manner provided under subsection (a), except that no such redetermination shall be made pursuant to a request under this subsection made before the expiration of the 12-month period beginning upon the most recent redetermination conducted at the request of the same party.

Foreclosure laws— This Act does not annul, alter, affect, or exempt any person subject to the provisions of this Act from complying with the laws of any State regarding foreclosure on residential properties, except to the extent that such laws are inconsistent with any provision of this Act, and then only to the extent of such inconsistency.

Landlord-Tenant laws— Nothing in this Act may be construed to not annul, alter, affect, or exempt any such tenancy created pursuant to section 2(c) from any applicable State or local laws regarding the rights or responsibilities of landlords or tenants.

monitor compliance with the requirements under this Act;

make available, and provide, appropriate assistance to eligible mortgagors in exercising their rights under this Act;

conduct outreach activities appropriate to inform eligible mortgagors of the provisions of this Act; and

submit to the Congress, not less than annually, reports describing the implementation of this Act, the extent to which this Act is utilized by eligible mortgagors, and any issues regarding such implementation or utilization.

Covered foreclosure proceeding— The term covered foreclosure proceeding means a foreclosure proceeding with respect to an eligible mortgage, and includes any foreclosure proceeding authorized under the law of the applicable State, including judicial and non-judicial foreclosure proceedings.

Eligible mortgagor— The term eligible mortgagor means a mortgagor under an eligible mortgage.

Eligible mortgage— The term eligible mortgage means a first or subordinate mortgage—

Foreclosed property— The term foreclosed property means, with respect to a covered foreclosure proceeding, the single family property that is subject to the eligible mortgage being foreclosed under the proceeding.

Foreclosing creditor— The term foreclosing creditor means, with respect to a covered foreclosure proceeding, the creditor that is foreclosing the eligible mortgage through such proceeding.

Owner— The term owner means, with respect to a foreclosed property, the person who has title to the property pursuant to the foreclosure proceeding for the property, and any successor or assign of such person.

Single family property— The term single family property means—

Applicability— Subject to subsection (b), this Act shall apply to any covered foreclosure proceeding that has not been finally adjudicated as of the date of the enactment of this Act.

Sunset— This Act shall not apply to any foreclosure proceeding commenced after the expiration of the 5-year period beginning on the date of the enactment of this Act.