Landlord Foreclosures - Let the Renter Beware

Something very interesting with regards to realFor example, most states have property records
estate, but unbeknownst to most renters of homesavailable for view right on the Internet. From there,
or apartments, is that renters must be very awarethe renter can often find all sorts of good stuff, like
of exactly what they are getting themselves intothe mortgage amount owed on the property, the
when they sign a lease contract.tax records, and the date the property was
Due to the high rate of foreclosures these days,purchased. Many properties were purchased in the
many apartment buildings, as well as homes are beingpast few years with the help of unscrupulous
foreclosed, and the owners of those propertiesmortgage brokers and lenders, by investors who
abdicate responsibility to the building or its tenantscouldn't really afford their purchases, but were able
upon foreclosure. So what happens if you are ato close the deals by giving sub-prime mortgages to
renter, and you signed a long-term lease, andthe lender.
subsequently the owner undergoes foreclosure?As the adjustable interest rate on those mortgages
You may end up losing your security deposit, andclimbed, many owners found, and are finding
your last month's rent, and you may be forced tothemselves unable to pay their mortgage loans, and
evacuate the apartment with very little notice, unlessof course the result is foreclosure. The innocent and
you are careful to take the right steps. Therefore letuninformed renter can be left with no place to live,
the renter beware, and research the status of theand a loss of the equivalent of two month's rent.
space he/she/they are about to occupy. Is theTherefore, a renter should research all of the readily
landlord solvent? Are the mortgage payments up toavailable information before signing a lease
date? Have the property taxes been paid? Theseagreement. For more information, visit Miami real
questions can be answered more easily than a renterestate or the Miami Beach real estate blog.
may think.