Tenants: Be aware of landlords facing foreclosure

[flashl]

Landlords have always asked potential tenants about their financial situation. But in today's housing market, renters may need to ask if potential landlords are facing foreclosure.

While South Florida's falling housing prices may favor renting rather than buying right now, the recent real estate bubble is also creating new risks for tenants.

Plenty of homes and condos are available for lease because their owners can't sell them, giving renters a variety of options. The problem is that many of the owners may not be on steady financial footing.

If they end up in foreclosure, tenants can be kicked out -- despite having a lease.

...

Even if they are not formally evicted, many tenants are forced to move prematurely, resulting in unplanned moving expenses and family disruptions.

Miami Herald

[Donnachaidh]

1. the *house for rent* signs have been blooming in my area

And that is one of the FIRST things that came to mind when I saw them multiplying. RENTER beware!

[Kahuna]

2. Mine woo. Lots of houses for rent and for sale. nt

[opusprime]

3. "tenants can be kicked out -- despite having a lease."

Great post!

Just to add, landlords may also try to collect on rent for property they no longer own. See if your county has any information on land titles or deeds available, and check that your landlord has not already given up the property.

If they dont have the title in their name, do not pay them rent, and do not leave the property. You need to find the real owner, and work on arrangement with them.

Just my 2 cents.

[fed-up]

4. and watch for bogus "landlords" that collect 1st, last and whatever for prop they NEVER owned nt