BURBANK, SAN FERNANDO VALLEY, ANTELOPE VALLEY - Renters Feeling Foreclosure Pain

Lupe Soto, Leasing Agent (818)968-3718 serving Burbank CA, San Fernando Valley & Antelope Valley

Renters, including tenants who are in good standing on their rent payments, are being forced to move out quickly when the property goes into foreclosure.

After the owners of the rental properties receive their notice of foreclosure, it often leaves a couple of months to less than a week before the property must be evacuated.

Lawyers who help troubled renters say the problem is worsening.

Nevada Legal Services, which estimates that 5,000 renting families have been forced out of their homes in the past 18 months, says lenders do not know how to deal with such tenants.

"We did speak with one bank lawyer who said the liability is so extreme that it's worth it to just let the house stay empty," says Nevada Legal Services director Anna Marie Johnson.

The Mortgage Bankers Association reports that about 20 percent of recent foreclosures have been against investors who did not live in the home, but the group believes the number could be higher, partly because many investors sought the financing advantages of having property categorized as owner-occupied.

Source: Reuters, Patrick Rucker (06/16/08)

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