Renters Affected by Foreclosure

By: Anthony Petrucci

The foreclosures market is no longer just affecting home owners. Renters are also suffering the consequences of foreclosures. A recent report by the joint Center for Housing Studies at Harvard University, states that “renters are facing tougher competition for affordable apartments, or they are losing their home with little warning when their landlord faces foreclosure.”
 

Since so many foreclosures have occurred over the last year, renters are facing more competition in low-cost rental units. Also, renters of single family homes are often faced with eviction notices since the property they are renting has not managed to avoid foreclosure.  Homeowners are scrambling to find ways to hold onto their homes and stop foreclosure proceedings, but sometimes there is just not enough money to be made to keep the mortgages current when foreclosure is imminent.
 

Not all homeowners are seeking to rent after they are foreclosed on. Some are choosing to stay with generous friends or family members until they get back on their feet and get their credit and finances repaired. This is not an ideal situation for long term, but it does provide a viable solution for the immediate future. If you find yourself moving in with friends and family, make sure to establish clear boundaries with one another. Talk about your expectations of each other and discuss a time frame for how long you will stay. That way, both parties are informed and disagreements can be kept to a minimum.
 

One positive aspect for those who have been renting for a long time and who have gotten their finances in order, is the onslaught of houses coming available for sale. Those homes of course will be at much lower prices and might need a little work, but will most likely be a great deal for some first time home buyers or those re-entering the market. Not everyone who is a renter currently will be affected negatively by the foreclosure market.  If you have been saving through renting, then start investigating the current foreclosure market and see how you can take advantage of it.
 

The future for renters affected by foreclosures is unknown, however just like with any other hardship there is always a silver lining, you just have to find it.
 
OceanView Investment Services Corporation is the parent company of OceanViewEquity.com and its affiliate websites. Since founded, our top goals and priorities have been to maintain the integrity of service we provide and the guaranteed satisfaction of our users and customers alike.  We provide Borrowers nationwide with a service geared to make the loan process as stress-free and simple as possible.  Our Lenders and brokers across the country are given accounts to access borrower information and make successful loans.

Foreclosures
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