There has been so much focus lately on the housing/mortgage crisis. And we all know about the various "bale outs" and government assistance for the mortgage companies and for the delinquent homeowners as well. But there seems to be one segment that has received little attention and even less assistance.... Tenants.
One of the aspects of my job that I hate the most, yet find very rewarding, is relocating tenants who are being evicted because their landlords have not been making the mortgage payments. I hate the job because I am the bearer of bad news. So many of them are caught completely off guard. Here they are making their rent payments in a timely manner and the landlord is pocketing it and allowing the property to go into foreclosure. Then I come along to tell them the home has been foreclosed on and that they will have to vacate the premises. Some of them suspected something was wrong, but most of them are caught off guard. And they are so devastated. And with such sort notice, finding a new home is not always easy to do. That's the part of my job that is rewarding... helping these people find a new place live.
Renters are required to fill out an application form providing all sorts of details and undergo a credit check. But what protection do they have from landlords who have less than stellar credit? How about credit checks on landlords? If I'm renting your house, what guarantee will I have that you are not a deadbeat landlord? How will I know that you are not in arrears on your mortgage payments and that I will be evicted just a couple of months after moving in?
In this litigious world we live in, yes the tenants could sue the landlord for return of security deposits, damages, pain and suffering, etc. But at what expense to themselves? And how long would that take?
Would landlords be willing to provide their credit reports as part of a lease agreement? Or even just a statement from their lender confirming that the payments on a particular property are current?
What can tenants do to protect themselves?
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