According to Market Watch over 200,000 renters have been displaced by landlord foreclosures in 2008 alone. This sickens me on many levels, but most of all as a real estate investor. These are the folks that give the industry a bad name - not to mention all of the bad karma they are sowing.
If you are a landlord and you are having trouble, please have the courage to inform your tenants and give them a chance to move out. If you continue to take their money and not pay your mortgage, that is not only despicable, but it is fraud, and well… there is another “rent free” property you may find yourself in (complements of the government).
If you are renting from a private landlord, don’t count on them coming to you with their troubles. Instead, be proactive and check them out with the new free service from RentalForeclosure.com that will allow you to check and see if your landlord is in foreclosure. I have spoken with Dave Madam, one of the principals who says that their market coverage is rapidly growing and they will gladly research any landlord even in cities they do not serve currently. Simply use their online contact form and someone will get back to you.
You should also take time to talk to your mortgage professional about whether or not you can qualify for a home and grab your piece of the American Dream (while it’s still discounted).
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