Foreclosure alert for renters
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PrintA new service is available to alert renters if the property they are renting is going into foreclosure. This is due to skyrocketing foreclosure rates over the past two years which have exposed renters to evictions, even though many never missed rent payments. And many more renters living in distressed properties are also at risk of being evicted and ending up homeless.
RealtyTrac announced this new service of giving tenants advanced notice when the property they are renting enters into default or is about to be foreclosed by the lender. The service is being offered at a special introductory rate of $24.95 a year.
Now tenants may be able to protect themselves from foreclosure evictions by subscribing to RealtyTrac Renter Alerts. The service expects to send e-mail alerts to subscribers warning them of any foreclosure activity on a specific property.
"Unexpected evictions are becoming an all-too familiar scenario for good tenants who pay their rent on time," said Rick Sharga, senior vice president of RealtyTrac. "Some landlords aren’t paying their mortgages, even while their tenants are paying their rent faithfully, causing the tenants to be evicted without warning. Our new renter alerts give tenants a good early warning system and avoid this unpleasant and unfair scenario."
