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States act for renters caught in foreclosure trap

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posted on Oct, 16 2008 @ 07:47 PM
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States act for renters caught in foreclosure trap


www.msnbc.msn.com

Across the country, thousands of renters have become innocent victims of the mortgage crisis: They have been forced to move because the owner of the property was in foreclosure. Security deposits have been lost and lives turned upside-down as people scramble to find a new place to live on short notice.

A few states recently passed or proposed laws to protect renters by requiring mortgage holders to provide sufficient notice for tenants living in foreclosed properties.
(visit the link for the full news article)




posted on Oct, 16 2008 @ 07:47 PM
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Well, I doubt I am the only renter here on ATS. The housing crisis so far, has not really touched us renters, who live within our means, and no credit cards, whatsoever.

Would suck if our landlords foreclosed, with us here. I happen to know that MY landlord has taken out at least two loans(one was at least one million), for this apartment complex.
Maybe this is becoming common, and there will soon be a Renters' crisis??

www.msnbc.msn.com
(visit the link for the full news article)



posted on Oct, 16 2008 @ 10:37 PM
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Good find. I happen to believe that when landlords require a credit check, income info, and references for applicants of a rental property they should be required by law to provide the same information about themselves to the prospective renter...to prove that they are worthy of having tenants and aren't in the midst of bankruptcy or foreclosure.



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