As the glut of foreclosed property continues to grow...so do the ranks of an unexpected consequence...family's that are renting!
Tenants rights are very limited. Most renters are on a month to month basis. If you have a lease you have some protections or if your city has rent control. In the case of the latter you would be are covered by eviction regulations! Home foreclosures in some cities are more than double that from the previous year.
One result is that evictions are on the rise! Although official records have not to date been kept
...in one metropolitan area in 2007, when the foreclosure rate jumped . More than 2000 multi family units were foreclosed on.
How tragic that this segment of the population, through no fault of their own, have been forced to take a part in this on-going human tragedy. In many cases people have no idea that this is about to happen. There are no laws protecting them. And if the property owners have simply vanished...they will probably not get any escrowed monies back.
Is This The New 
Face of America?
Concord New Hampshire Realtor
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Joan Mirantz - Joni is a Realtor® with Keeler Family Realtors, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)
Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"
Joan,
You raise a very good point...I hadn't thought of how the people who were renting in multi-units would be affected. Here, the law states that a tenant must be given two months notice to vacate, even if a property is changing ownership. Is it not like that where you are too?
It's a real tragedy all round....and the point is, people still need to live somewhere, so why not allow them to stay where they are? Unless of course, the new owner has different ideas for the property...
Jo
Carol...it just seems like all of a sudden the repercusions of all of this are finally dawning on people...it isn't simply some people losing the over-inflated perceived value in their homes. The ripple effect has grown.
You are correct about the animals...just one more casuality! And now that the Lenders are cutting off equity....how many more people will end up out? How many have had that as a safety net? And it's just like the red-lining... no individual circumstances just clear across the board. In my book...the victims are being furthur victimized!