Renters suffering as owners fail to meet Mortgage Payments
Mar 16th, 2008 by admin
What’s happening in Las Vegas is only a slightly exaggerated picture of the nationwide housing market.
About half of the 22,000 homes for sale in Las Vegas are sitting empty, most of them purchased by investors during the boom years of 2004 and 2005. Now that home values have dropped and adjustable-rate mortgages have reset, the owners can’t afford the mortgage, can’t sell the house and can’t refinance.
Of course, if there is a renter of that property they’re often the ones have to get out with little or no notice.
An increasing number of renters in Las Vegas (are) caught up in the foreclosure mess. They’re losing security deposits and rent money because, unbeknownst to them, landlords failed to make mortgage payments and the homes have entered foreclosure.
I’d love to see a law passed that required 30 days notice to all tenants before eviction proceedings can begin. That would allow negotiation with the bank and allow for the renters to make suitable arrangements as well. (Link)
Source: John Frost