Myrtle Beach Real Estate by Mirela

Tenants: What if your landlord faces foreclosure?

If you're a tenant, you probably never thought of that question. Yet landlords are not immune to the foreclosure trend sweeping across the country.

Here's an article on MSNBC.com that tells you just what could happen if this occurs in your life.

Click here to read the whole article.

Fannie Mae this month pledged to change that with its new renter policy starting in January. The plan will allow renters living in foreclosed properties to sign new leases with Fannie while the property is up for sale, or give the tenants money to relocate. Fannie has yet to establish the length of the leases, and the amount of move-out assistance will vary by state and property. Freddie Mac says it will unveil a similar program in a few weeks.

 

Know your local rights and the foreclosure process--how long do you have to get out? 60 days? 90 days?

Above all, make sure you save for a rainy day (or the day when you could be out of your rental).

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Comment balloon 1 commentMirela Monte • January 08 2009 12:54AM
Tenants: What if your landlord faces foreclosure?
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