Tenants Beware
With every change in the economy new scams emerge. Renters Face Rapid Eviction as Foreclosures Soar.
If I were renting a property I would want verified that the landlord was current in their mortgage payment and that they had equity in the rental. If the landlord is not current, the landlord runs the risk of loosing their home, and the tenant the risk of eviction. If the landlord does not have equity, the landlord may make a business decision to walk away from the mortgage and again the tenant would risk eviction from the lending institution.
It may be "awkward" asking the landlord for this information, although they probably screened you thoroughly. A payment stub should reflect that they are current (not reflect late charges), but you would need to access tax records to verify the number of loans on a property. Usually, if someone is current with their first trust deed, they are current with any other encumbrances.
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7/23/2008 7:58 AM
Los Angeles Real Estate Blog wrote:
I have previously posted regarding Los Angeles tenants, foreclosures and landlord scams. There has been too much negativity and I am happy to find some positive Los Angeles real estate news – and it’s especially good for tenants: The Governor has signed into law extending the notice required to be given to tenants to vacate. If you are a tenant that is renting a home that ends up in foreclosure, the lender/owner will now be required to give you a 60 day Notice to Vacate (previously it was only 30). This positive change will ... -
7/22/2008 7:50 AM
Los Angeles Real Estate Blog wrote:
I have previously posted regarding Los Angeles tenants, foreclosures and landlord scams. There has been too much negativity and I am happy to find some positive Los Angeles real estate news – and it’s especially good for tenants: The Governor has signed into law extending the notice required to be given to tenants to vacate. If you are a tenant that is renting a home that ends up in foreclosure, the lender/owner will now be required to give you a 60 day Notice to Vacate (previously it was only 30). This positive change will ...
I saw a neighbor have a similar thing happen. They rented a house and paid rent and owner did not pay mortgage and property foreclosed they lost there deposit and last months rent and had two weeks to move out.
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