Foreclosure Rights for Renters: Is Your Landlord Behind on His Mortgage?

Rent? Did you know that you can be evicted with little or no notice?

Almost a fifth (20%) of properties that are foreclosed on are rental properties;

That in many states, landlords are not required by law to give you notice that they are going into foreclosure; and that

If a landlord does go into foreclosure, you could be evictd with little to no notice.

Foreclosures and Renter Rights: A Way to Ward Off a Foreclosure Eviction

BUT, a new service by RealtyTrac, a leading real estate information service provider, is changing that. Now, you can in essence spy on your landlord to see if he’s paying his bills. The site touts that you can “protect yourself against an unexpected eviction” by at least arming yourself with information to ward off a foreclousre eviction.

How RealtyTrac’s Foreclosure Eviction Notice Service Works

Basically, a renter would sign up for the service, called RealtyTrac’s Renter Alerts. Then, via email, they are notified of “any foreclosure activity on a specific property.” They can take it from there, eg, move and/or talk to their landlord.

RealtyTrac’s Foreclosure Eviction Notice Service: Needed, or Not?

According the the press release announcing this Foreclosure Eviction Notice Service:

Skyrocketing foreclosure rates over the past two years have exposed hundreds of thousands of 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.

Cost of RealtyTrac’s Foreclosure Eviction Notice Service

The serviced is $24.95 per year.

While some states are working to change the foreclosure laws as they relate to renters, they are essentially left out in the cold when it comes to foreclosure.

If you’re a renter, what’s your take? Would you pay for this service, or not?

Copyright © 2009: Foreclosure Business News