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Friday, August 08, 2008

 

plight of the renter


it's a good time to be a renter, no doubt. i'm on the good side of negative carry all the way to the bank.

but tanta this morning highlights a wapo piece on the renters' sword of damocles in this crisis -- having your nice rental foreclosed out from under you and being tossed.

Several localities around the country, as well as some members of Congress, are pushing to give renters more time before the new owners, usually banks, can evict them. Such a measure takes effect in Baltimore on Monday, and the District plans to launch television ads this month informing tenants of their rights.

"Early on, the focus was all on the homeowner's problems," said William C. Apgar, a senior fellow at Harvard University's Joint Center for Housing Studies. "It's only now that the renter's dilemma is bubbling up to the top."

Often, when a home is foreclosed on, lease agreements are dissolved. That means many renters can be forced to leave without much notice and typically without their deposits.


the article goes on to articulate district of columbia tenant laws which allow renters to remain in place throughout foreclosure and bank ownership -- while virgina and maryland offer essentially no protection.

what is the law where i live in illinois? i have no idea and should find out.

another line of defense is to monitor realtytrac and preforclosure.com for houses on your street.

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