Renters Beware!!
If you are a renter, you need to be very careful. A recent news article I read shows that many renters are being forced out of their homes due to the property going in to foreclosure. Even those renters who are in good standing and current with their payments could be left out in the cold if the owner is in default of their mortgage. After the owners of the rental properties receive their notice of foreclosure, it often leaves a couple of months to less than a week before the property must be evacuated.
This could potentially be very tragic for many renters today. Lawyers who help troubled renters say the problem is only getting worse. Nevada Legal Services estimates that 5,000 renting families have been forced out of their homes in the past 18 months. They say lenders just do not know how to deal with these tenants. One bank llawyer is reported to have said “The liability is so extreme that it’s worth it to just let the house stay empty.”
If you are a renter and you feel the owner of the property may have foreclosure problems, start looking around now. It may never happen to you, but it never hurts to be prepared. Good luck to you all and God bless.
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↓ Quote | Posted June 18, 2008, 7:55 pmGreat article ! I really enjoy reading your posts.
↓ Quote | Posted June 19, 2008, 2:51 amReal Estate House Of Representatives House Md…
I didn’t agree with you first, but last paragraph makes sense for me…
↓ Quote | Posted July 3, 2008, 3:22 pm