I spoke with a single parent today. They had a copy of their lease and all their cancelled checks for the past three years. The checks all cleared the bank shortly after the first of the month (they paid their rent on time). I saw the copies. Unfortunately, their landlord did not pay the mortgage. This family found out about it because their parking sticker was revoked by the HOA.
It is sad, but they have no rights. The foreclosure cancels their lease and they will be out on the street soon. This is an all too common scenario. The media is talking about helping the homeowners who got in over their heads but have heard little about the renters who paid their rent. The renters paid it on time and had dishonest landlords take their money and run.
I do not think homeowners should be able to walk away from a home just because they are upside down. If they can't meet the payments that is another matter but to just walk away due to negative equity is wrong. It is irresponsible and dishonest.
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