Wednesday, July 22, 2009

A word to renters

Landlords like everybody else have taken it in the shorts 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 is a person who not only has one property but because it is his business probably has multiple properties. Compounded by that, they have also been affected by all the residents that live in the properties they own. Layoffs, garnishments, and weather expenses all bundle up and the landlord has to manage the reduced income with the increased expenses of the business.

Sometimes they get behind on the mortgage payments. If this has occurred the property may be going into foreclosure. 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 you will be allowed to continue living in your residence all through the forclosure process and then 90 DAYS AFTER THE FORECLOSURE 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.|hp-desktop|dl3|link6|

It is not the intent of this article to give legal advice. I am not qualified to do so, however, I can point you in the direction of those who can help.

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