Written by: Steve Patterson 4/1/2009 4:15 PM
RealtyTrac is now offering renters an alert service if their landlord is about to be foreclosed on and they will subsequently be evicted from there rental, according to a press release today. How strange is it when renters need to worry about their landlords losing their properties? Seems that if the rent is coming in, there shouldn't be an issue. But according to RealtyTrac some landlords are using rents for other purposes than paying their mortgage payments.
According to national statistics, 30% of all foreclosures are on non-owner occupied homes. And during 2008, 2.3 million homes went into foreclosure. With 2009 possibly having more foreclosures, the number of renters losing their place of residence is more common than some would think. So for $24.95 a year, RealtyTrac will alert you by email about your current residence or properties you are considering moving in to. This is an introductory rate, so cancel before the foreclosure rate in American drops significantly.
3 comment(s) so far...
Re: Renter Foreclosure Alerts. What? Landlords that lack this kind of responsibility make all landlords look poorly. Actions like this will probably lead to governments creating more regulation of rental properties, which is too bad for those doing things right.
Re: Renter Foreclosure Alerts. What?
Landlords that lack this kind of responsibility make all landlords look poorly. Actions like this will probably lead to governments creating more regulation of rental properties, which is too bad for those doing things right.
Re: Renter Foreclosure Alerts. What? I wonder how many people are signing up for the alerts. Seems like you could check free online government records for this kind of information.
I wonder how many people are signing up for the alerts. Seems like you could check free online government records for this kind of information.
Re: Renter Foreclosure Alerts. What? It seems to me that the tenant should be notified of a foreclosure. A tenant has an interest in the property and I would think that would entitle them to legal notice. Of course if they get notice early in the default stage instead of late in the foreclosure stage they might be able to do something about it.
It seems to me that the tenant should be notified of a foreclosure. A tenant has an interest in the property and I would think that would entitle them to legal notice. Of course if they get notice early in the default stage instead of late in the foreclosure stage they might be able to do something about it.