Update of July 16, 2009: There is a new federal law that went into effect May 20, 2009 to protect tenants who would be victims of foreclosure. See article.
Foreclosures, locally and nationally, are up and it is affecting more than homeowners. Many unsuspecting renters, through no fault of their own, are being forced out of their homes with no rescue plan to help them get back on their feet and into a new residence.
Boise, ID (PRWEB) June 24, 2008 — According to BoiseRealEstateInfo.net, even those within the real estate business are often surprised to learn that a new wave of foreclosure-related tragedies is sweeping the nation, and harming not homeowners, but renters. While everyone in the country is fully aware of how the mortgage and housing crisis is adversely affecting homeowners and mortgage lenders, few realize that tenants – even those with perfect credit and payment histories – are being evicted in record numbers because their landlords are delinquent on monthly mortgage payments.
When a rented or leased home enters foreclosure, banks and landlords have no legal obligation to inform the tenants, so they are usually the last to know that there is a problem. Many discover their imminent eviction only when they come home to find an official eviction notice from the lender posted on the door. In the worst cases – for example if families were away on long vacations when notices were posted – they return home to find the locks changed and their belongings in the street.Story continues here.
Filed under: National Foreclosure News
