For All Renters, A MUST Read!!!!!!!

[remember2000forever]

Because of all the Foreclosure Activity, Homeowners are being forced into Rentals at an alarming pace.
IF you do have to go into a Rental, or are currently in a Rental, make sure that it is not in Pre-Foreclosure by checking the County Records or by using A Realtor's software. AND CHECK THE STATUS OFTEN!
I had a customer yesterday who came home from the hospital with a new baby after renting for several years to find a Foreclosure Notice to the owner in her mailbox. (Yes, they did open it illegally because it looked official). They now have to find a new place to live before the end of the year with a brand new baby. MANY, MANY, (and I personally know some) homeowners are taking their Rental Money from their Renters to use for their own Home Mortgage Money and letting their Rental Property go into Foreclosure.
As Renters, do not assume the Property Owners will tell you this information.

So Please, Check Your Rental Property Status Regularly, And Often!!!!!!

[midnight armadillo]

1. This is a real concern for me

I really think we will end up renting a new place in the early spring rather than buying. Our current apartment is in a complex that's completely paid off by the owner so there's no worries on foreclosures. However, we need more space...

[thrift_store_angel]

2. It is a legit concern...

I actually had that happen to me, and I found out with a much shorter time period to get out.

[SheWhoMustBeObeyed]

3. This is exactly why our county sheriff refused to enforce such evictions

Earlier this month, Cook County Sheriff Tom Dart said his department would no longer evict tenants from foreclosed property. Too many times his staff found themselves evicting people who had been paying their rent regularly and on time, and had no idea they were about to be thrown out. At the time he was quoted as saying, "We will no longer be a party to something that's so unjust."

Even though there are Illinois laws protecting tenants in this situation, Dart said the laws were routinely ignored, and he placed the blame squarely on the banks.

As of last week, Dart's people have since resumed carrying out foreclosure evictions, but with new safeguards in place that require a bank to provide the court with a detailed description of the foreclosed property and identify all its tenants. The bank must also prove it informed all tenants of the state-mandated 120-day grace period allowing them to secure new housing before moving out.

Because of his actions on this issue, I will vote for Tom Dart for any office he wants to hold in the future. He's a stand-up guy - check out his bio: www.cookcountysheriff.org/sheriffs_bio/sheriff_bio.html

Remember2000forever, you are right to warn every renter to be aware of the possibility of eviction. Everyone should check the laws of their state to see what protection they have as a tenant.

[smoogatz]

6. Props to Sheriff Tom Dart. Cook County is lucky to have him. n/t

[sandnsea]

4. I bought a house that way once

The owner ended up in foreclosure and we assumed the loan. So renters should also call the bank themselves because if they can prove income and a basic credit rating, they might just be able to find themselves homeowners with a reduced purchase price and interest rate.

[Liberal_in_LA]

5. Good advice.

[smoogatz]

8. Great point.

And a great strategy if you can work it out. It's also worth noting that if people can hang on another six months or so, housing prices are likely to hit bottom in a lot of the less-inflated markets. Some real buying opportunities should start to appear between now and then--if you can get a mortgage.

[madamesilverspurs]

7. Wouldn't put it past my landlords.

Especially since they're proud of their Klan heritage.

I do love my Obama portrait sign on the INSIDE of my window!

[Ghost in the Machine]

9. That's what happened to a friend of mine a couple of months ago

He paid every month, but the guy he was paying wasn't making the payments... he had 2 weeks to find another place to move to. It actually worked out good though, he found a much bigger house, in a better neighborhood, for the same money he was paying at the other one.

[JNelson6563]

10. K&R--Excellent advice

Good lookin' out! :toast:

Julie