We operate a full service property management office, and with the increase of foreclosure properties, we are getting an influx of tenants who need rentals fast as they are being asked to leave their homes as the banks foreclose. Additionally, even though we try and verify all our management properties, we have received a few notices of Lis Pendis that has scared our Tenants and thus they want to break the lease. This is a big problem in our area as we have discussed with our legal team ,and there is no clear cut answer to how to handle these situations and still protect the landlord and the tenant. I personally feel that the landlord should be responsible for keeping their property financially secure since they are receiving the rent and they owe it to the tenant to provide them with a safe, secure rental home. However I understand that many times the rent amount does not cover the mortgage on the property, and that is where the homeowner/landlord gets into trouble. At the same time the tenant has agreed to a lease term and should live out the term even in the home is in pre-foreclosure. In many cases the foreclosure will take longer to complete than the term of the lease and the tenant is not put out. Try explaining that to a tenant that is worried about being thrown out in the streets!!! Over all this is a bad situation and there are no winners!!! Lets share our experiences with this growing problem and maybe we can help each other learn and grow and handle this better for all of our clients!!!
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