Maryland recently passed laws to help protect tenants in foreclosure properties by at least requiring notice to them of any pending foreclosure. This will help prevent the situations we had previously, when tenants often didn't know until someone showed up at their door to tell them to vacate. My son was in a rental that went to foreclosure, and it really turned his family's life upside down for a while there.
I can honestly say as a property owner that I'm very happy I've avoided a position where the bank is foreclosing on my investments. This is certainly a very scary thing to go through as a tenant. Perhaps I'll let all my tenants know that I'm in good standing with the bank and that their homes are safe.
Margaret, I hear what your saying as there are way too many people this has happened to. Luckily CA does require similar things. Im also glad they honor most lease agreements given to existing tenants. Its one reason I tell prospective renters to
1) Get a lease and renew it when it expires
2) Get professional representation early
3) Don't just ignore those notes left by the bank on the front door.
David, Thanks for being one of the good ones like most are. I think a note like that would be a great idea, if you don't mind, I think I'll copy that idea and provide the same to my tenants. Can never have too much peace of mind. :)
Comments(4)