Tuesday, November 20, 2007

As Owners Feel Mortgage Pain, So Do Renters...

An article discussing how renters can often be "collateral damage" as the foreclosure rates increase. Non-owner occupied, investor properties have been particularly hard hit in this current credit crunch.

Obviously a tenant would not see his equity wiped out from a foreclosure but he would still face some troubles. First, there's the cost and inconvenience of moving. Second, there's the issue of knowledge. How or when would a tenant know that a property is in foreclosure? Very likely the tenant wouldn't know of the foreclosure (at least in Cook County, Illinois) until the day before the Sheriff is coming out to evict him. Lastly, although not legal, I would guess that many landlords in financial ruin will not be returning that security deposit either.

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