Renters Also Hurt By Foreclosures
Posted by admin under: Main Nov 10
Renters are the newest victims of the mortgage mess. Across the country, a rising number of landlords are falling behind on mortgage payments, sending their properties into foreclosure, according to legal-services attorneys, local officials and financial experts. In many cases, their tenants are being forced out of their homes. Often, the tenants’ first inkling of trouble occurs when they get a letter from the bank directing them to leave the premises. In many cases, the homes and apartments entering foreclosure are owned by investors who got low-rate teaser mortgages and intended to hold the buildings for a few years and then sell them at a profit — before their mortgage rates rose. Now, with the housing market badly depressed in many areas, the owners can’t sell the homes or afford the higher mortgage payments. Many are defaulting.
low-rate teaser mortgages
Source: Renters Also Hurt By Foreclosures
Saturday, November 10th, 2007 at 6:42 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.