Upcoming Foreclosures

If foreclosures are said to be the fault of the buyer, what do you have to say about landlords 40% rate?

Landlord foreclosures make up a huge number of foreclosures amounting to massive evictions. Don't you thinl landlords should be held accoutable? "In various cities and towns across the U.S., thousands of tenants are being evicted from single-family houses, condos, townhouses and other kinds of rental properties because their landlords are in foreclosure. These tenants have been faithfully paying their rent not knowing that their landlords haven’t been paying their monthly amortizations. Many of these renters have paid security deposits to landlords who have no more funds to return these deposits to them. They also have to scamper to look for new housing as they are given only a short time to remain in foreclosed properties. According to the U.S. Census, nearly 15 million tenants live in properties belonging to small investors who have been severely affected by the financial crisis. Out of the almost 400,000 properties recorded by RealtyTrac as delinquent or waiting for foreclosure sales, about one-third were occupied by renters. In various cities and towns across the U.S., thousands of tenants are being evicted from single-family houses, condos, townhouses and other kinds of rental properties because their landlords are in foreclosure. These tenants have been faithfully paying their rent not knowing that their landlords haven’t been paying their monthly amortizations. Many of these renters have paid security deposits to landlords who have no more funds to return these deposits to them. They also have to scamper to look for new housing as they are given only a short time to remain in foreclosed properties. http://www.realestateproarticles.com/Art/2715/265/Tenants-in-Foreclosed-Properties-Receive-Help.html

Public Comments

1. I believe in California, there are laws protecting renters in these situation. Atleast in Los angeles in pre 1970's rentals.
2. yeah... I heard about this... I actually read a story about a guy who was buying up the foreclosures at a reduced price, not throwing the boarders out and making a ton of money off the deal...