IS Magazine Blog

Renter Foreclosure Alerts. What?


Renter Foreclosure Alerts. What?

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.

Landlord Foreclosure

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.