subject: Effects Of Foreclosed Rental Houses [print this page] Foreclosure is everywhere in the world, there are higher rates of foreclosed houses these days and most of them are not residential houses but establishments such as beach houses, apartments, gyms and others. It will badly affect the tenant if the house they have rented is foreclosed because they have paid for the rentals in advance so there is nothing they can do anymore but to move to another place without getting their money back. In a lot of cases, tenants will just be surprised by the news that their landlords are now the owner of the apartment they are renting anymore. This news will not be helpful to them because new owner have the right to convert the property into something else without their jurisdiction.
Getting back the security deposit given to the old landlord will be impossible now that there is a new owner. In a lot of times, condos, apartments, and duplex houses are the ones being foreclosed without the renter's knowledge. You will receive a notice to vacate the place once the new owner decides to transform it into something else. If you are wondering why these things happen, this is probably because there are no legal obligations between the landlord and the tenants although there is a tenant and landlord document to fill up even before the rental period starts, the landlord don't have any legal obligation to the tenant in letting them know about the foreclosure problem. If you are a tenant and you are worried about being evicted from your house there is nothing you can do but to look for another house for lease.
There are times when the landlord is allowed to return the rental fee of their tenants in 3 weeks' time before the actual foreclosure starts but there are landlords who are hard on their tenants and they won't allow them to get their money back even if they know that soon they will be evicted from their homes. It is so hard to be in this type of situation but there is nothing to do on the part of the tenant but to look for another place where you and your family can stay without worries. This day and age is so hard and it is full of uncertainties that are why you need to be very careful in choosing the right type house for rent.
You should be very careful in choosing the right rental company because it can be a devastating experience to be evicted from your home even if you know that you have paid for all your obligations. Foreclosure is such a hard experience and no one would want to be in this devastating situation especially if you have small kids who can be traumatized when bad things occur to your family. Protect your kids from trauma by being a responsible parent. You need to choose the right landlord that will not be abusive and will be considerate enough to handle this type of situation.
