A word to renters

What if a forclosure or eviction notice is posted to your door and you know you have been paying your rent on time? What do you do?

Landlords like everybody else have been affected in this economic crisis. Why? Because it is the housing industry that is at the heart of the problem, specifically the banking practices that effect the housing industry. The landlord may have multiple properties. Property taxes are going up dramatically to try and increase county and state revenue. Compounded by that, they may have also been affected by residents that live in the properties they own and have not been able to pay rent due to layoffs, garnishments, and weather expenses.

Sometimes the landlord will get behind on the mortgage payments. If this has occurred the property may be going into foreclosure. Representatives of the bank may be taking photos, and posting notices that you must move out immediately. This is seldom the case however it is unnerving and scary. It is easy to respond in anger or fear without knowing what your rights really are. This is not a good situation for anybody, however, as renters the government has put some protections and help in place for you!

The attached article indicates that Federal law may allow you to continue living in your residence all through the forclosure process and then 90 DAYS AFTER THE FORECLOSURE is finalized or until your lease has expired as long as you continue to pay your rent.

Take a copy of this article and then go talk to a lawyer to find out actually what your rights are:

http://money.cnn.com/2010/02/18/real_estate/keep_kicking_out_tenants/index.htm?icid=main|hp-desktop|dl3|link6|http%3A%2F%2Fmoney.cnn.com%2F2010%2F02%2F18%2Freal_estate%2Fkeep_kicking_out_tenants%2Findex.htm

Not only may you have much more time than you think but if the foreclosure is finalized the new owner may be willing to negotiate a new rental agreement with you so that you don't have to move at all.

This article is not intended to give legal advice. I am not qualified to do so. If you find yourself in this situation consult professionals who are qualified to give you accurate, legal advice.