Renters Can Now Get Landlord Foreclosure Alerts

admin — Wed, 23 Dec 2009 22:07:42 +0000

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More and more stories are being reported of landlord renting their apartments to tenants knowing very well that their property will soon be in foreclosure. The foreclosure crisis has affected many tenants around the country. These tenants are learning mid-lease that their landlord has failed to pay the mortgage. These tenants are becoming the next wave of unintended victims, as landlords continue to rent to new residents in the face of looming foreclosure.

It will seems as if the declining economy is eroding the moral fabric of some seemly respectable and honest landlords. On the other hand, some might argue that the current financial situation is part of life; the problems landlords are facing is nothing new. It is clearly an indication of “situation revealing” the true nature of a man.

RealtyTrac, the leading online marketplace for foreclosure properties recently announced a new service called RealtyTrac Renter Alerts that gives tenants advanced notice when the property they are renting enters into default or is about to be foreclosed by a lender.

According to RealtyTrac's website:

Unexpected evictions are becoming an all-too familiar scenario for good tenants who pay their rent on time,” said Rick Sharga, senior vice president of RealtyTrac. “Some landlords aren’t paying their mortgages — even while their tenants are paying their rent faithfully — causing the tenants to be evicted without warning. Our new renter alerts give tenants a good early warning system and avoid this unpleasant and unfair scenario.”

Skyrocketing foreclosure rates over the past two years have exposed hundreds of thousands of renters to evictions, even though many never missed rent payments. And many more renters living in distressed properties are also at risk of being evicted and ending up homeless.

Now tenants can protect themselves from foreclosure evictions by subscribing to RealtyTrac’s Renter Alerts. The new foreclosure monitoring service sends e-mail alerts to subscribers warning them immediately of any foreclosure activity on a specific property. The service is being offered at a special introductory rate of only $24.95 a year.

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