It is still happening.
You rent a home in a nice neighborhood.
The landlord seems nice enough. You pay your rent on time
Then four to eight months down the road you get home and find there is a notice taped to the front door.
The home you are renting is in foreclosure.
You find out that the landlord you’ve been paying rent to has not been paying the bank.
The bank wants you out.
There’s no neighborhood immune from renters getting broadsided with foreclosure by banks from the trendy French Collection north of Mission Ridge Drive to the 1950s era Powers Tract.
“A lot of savvy renters have wised up to the practice,” noted Realtor Tom Wilson.
Even so, there are still a number of families in Manteca hit each month by surprise eviction notices after paying their rent on time.
Property managers usually will refuse listings from possible clients if they do basic checking and discover they are in arrears.
Wilson noted Realtors can typically find out in two minutes or so whether a house is in foreclosure.
If you’re looking to rent and you want verification, a real estate agent can help.
What if you’re in the house already and the landlord stops making mortgage payments?
Among the sign that Wilson and others said you should look for is mail coming to your address to the landlord plus any notices that are posted on the property.
In foreclosures the banks will mail notices to the property address as well as the borrowers’ mailing address.
“If it smells fishy then you’re in tuna town,” Wilson said of the most obvious waning signs.
Detecting a pending foreclosure gives the renters some leeway to find a new place to rent.
There have been occasions in the past several years where renters have literally just had days to get out of a house.
You rent a home in a nice neighborhood.
The landlord seems nice enough. You pay your rent on time
Then four to eight months down the road you get home and find there is a notice taped to the front door.
The home you are renting is in foreclosure.
You find out that the landlord you’ve been paying rent to has not been paying the bank.
The bank wants you out.
There’s no neighborhood immune from renters getting broadsided with foreclosure by banks from the trendy French Collection north of Mission Ridge Drive to the 1950s era Powers Tract.
“A lot of savvy renters have wised up to the practice,” noted Realtor Tom Wilson.
Even so, there are still a number of families in Manteca hit each month by surprise eviction notices after paying their rent on time.
Property managers usually will refuse listings from possible clients if they do basic checking and discover they are in arrears.
Wilson noted Realtors can typically find out in two minutes or so whether a house is in foreclosure.
If you’re looking to rent and you want verification, a real estate agent can help.
What if you’re in the house already and the landlord stops making mortgage payments?
Among the sign that Wilson and others said you should look for is mail coming to your address to the landlord plus any notices that are posted on the property.
In foreclosures the banks will mail notices to the property address as well as the borrowers’ mailing address.
“If it smells fishy then you’re in tuna town,” Wilson said of the most obvious waning signs.
Detecting a pending foreclosure gives the renters some leeway to find a new place to rent.
There have been occasions in the past several years where renters have literally just had days to get out of a house.
