Many renters are being face with a situation that was unpredictable in their life. Let's just review the picture: A family found a perfect home to rent, the landlord requires for them to pay the 3 months (First month, Last month and security deposit), their background check is conducted and association issues their approval. The landlord collects the rent each month, but leave out the detail of possible facing foreclosure. One day, the sheriff knocks on their doors and inform the tenant the house is in FORECLOSURE. The bank repose the house and the tenant face eviction. According to the Mortgage Bankers Association one in eight foreclosure was non-owner occupied.
Renters are facing the sad reality to leave the home, loose their deposit most of the time, and run with the expenses of moving to a new location. Hoping not to fall in another situation like before.
"This is an explosion" said Judith Liben, a lawyer at the Massachusetts Law reform Institute. "this isn't business as usual. There are investors that overleverage themselves, and the renters are collateral damage in the mortgage crisis" (taken from The new York times)
Unfortunately, Most of this tenant have never being late on their rent and have follow the rules. These do not qualify them to stay in the house because the banks do not wish to be landlords, and force them to move out. The best solution for a renter is to find a Real Estate Professional willing to guide to make the best solution according to their needs. There is not guarantee that the new landlord will not default in the mortgage. Also, the Real Estate Professional can help you find a property that you will pay monthly same or close to your rent.
If you wish more information on finding the place for you and your family, please do not hesitate and use our services, we are here to help you.
Visit our Website to find out more about me and how my company works in your favor.
AMARILYS SUAREZ
BROKER
A & R BROKERAGE FIRM
(305) 463-9199
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