A new problem is appearing in the real estate business. Renters that have been living in or are moving into rental homes are finding out that their landlords have not been making the mortgage payments.

You may find your family unexpectedly being evicted through no fault of your own—your only mistake was renting a house that was in default.

I recently took over management of a house from a REO asset management company. I was asked to verify if it was occupied. I stopped by one evening and saw a young couple carrying an infant in a baby carrier up to the door. They were renting the house and had just moved in a couple of months before. I had the unfortunate experience of telling them that the house was in default and they were going to be evicted.

If there is an answer to this problem, it must be that you before you rent a house, check public records to see if a lis pendens has been filed. Even that is no guarantee because that document could be filed the day after you move in. And no one has permission to discuss a person’s mortgage without having the owner’s authority in writing.

Eventually renters are going to have to check out landlords to the same extent as the landlords go to for renters. I see an opportunity here for an entrepreneur to set up a service to help renters in this situation. Somehow the rights of the renters need to be protected.

Janet Montano
Remax Realty Associates
813-956-3563

www.TampaHomesBestBuys.com
www.HomeandIncomeRealty.com