Tenant’s Worst Nightmare : Property Foreclosure

Jun 25, 2008 - 2:36 pm | By


In a difficult economy, tenants can a face their worst nightmare: moving into a apartment only to learn that the property has been foreclosed and they must get out.  After moving costs, tenants are facing with moving their stuff again.  Any legal action is destined to cost money.   Also while living in the foreclosed property they might be subject to losing utilites which are taken care of by property managers such as water and gardening.

North Adams Transcript has a full article about a horror story that occurred to one family :

“we all found out the house was in foreclosure and we were all being evicted”

At tenantchecker.com  we frequently talk about the need for landlords to screen their tenants; but perhaps tenants need to start thinking about doing some checking of their own.   Can you screen your landlord?  Part of this will include some common sense.  Inspect the building before you sign a lease.  Do you see any signs of problems.  It’s painfully obvious, but is there any foreclosure notes posted on property?  Ask around the neighborhood.   Ask the neighbors what they think.   Finally, you can conduct a landlord background check by running a Business Partner Owner Check.  These reports can tell you who owns the building, and possible liens and UCC violations that might have occurred.

 

1 Comment so far
  1. PATRICIA WARFIELD October 26, 2009 4:27 pm

    LIBERTY HOUSE FOUNDATION, INC
    A NON-PROFIT ORGANIZATION

    Patricia Warfield
    9617 Pasture Rose Way
    Elk Grove, CA 95624
    (916-256-9312)
    pwarfield@surewest.net
    10/26/2009

    Dear Legal Advisors

    My name is Patricia Warfield; We live in Elk Grove, California and working as a Community Service Citizen. For the past five years my life has centered on providing a caring, safe and structured living environment for individuals that are homeless, mentally and physically disabled and or displaced.
    Now we are faced with the most horrible dilemma that one can imagine. The previous owners (Valerie and John Jackson) did not pay the bank or mortgage companies their mortgage payments during the past year.
    Now we have to vacate and re-locate, finding a property that will accommodate all of us, it has not been easy. During this dilemma we made the offer to the new owners (AsSetLink) to continue paying rent until we could locate adequate housing. We never receive a response to our request.
    They are located at
    17300 W. 119th ST. Suite 100
    Olathe KS 66061
    (913-748-0378) Direct
    (913-748-0450) FAX
    Contact person (Gary Martin)
    At present we have located several housing possibilities that may accommodate our needs; however, just a small amount of time is needed to process the negotiations and to get us relocated.

    The new Bank or Mortgage owners recently asked me to give them a (date and amount) that I would need to vacate the property.
    I then called in three moving companies to come to the property to give us their estimates. The most expensive one was ($10,000) and the least expensive one was ($6,000). These are just estimates as they explained to me; that this is a business and not a residence. This move is considered to be like moving (2 ½ to 3 houses). That’s why the move is it so expensive.
    So, the date that I gave the new owners was (December 5, 2009), (The amount was ($15,000). I received an e-mail over this past weekend stating that the new owners are only willing to give the ($5,000) that they initially offered.

    We totally understand that the Banks and Mortgage Companies have all of the rights in this situation. Our concern is receiving enough time to make the move with out eviction. We do not wish to be evicted and to have this reflect on our credit report.

    The Banks have been understanding considering the circumstances involved. We are cooperating and will continue to cooperate with the Brokers and the Banks.
    PLEASE HELP, we sincerely need your advice concerning this situation.

    The information enclosed is for your review; any information or assistance that you may offer us would greatly be appreciated by all concerned.

    Very truly,
    Patricia Warfield

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