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Luxury Apartment Foreclosure Surprises Residents

Posted By admin || 24-Aug-2009

According to an article in the Dallas Morning News , most residents in the high-end apartment complex located in the West End are unaware of the recent foreclosure filing on the property.

The article quoted one of the tenants;

"I've got a lease through August 11 next year," said Linda Melcher, a 1001 Ross Avenue tenant. "So, what does that mean for me, obviously, but what does it mean to everybody else who lives here?"

Many renters are experiencing the negative effects of foreclosures. When the foreclosure crisis first began many renters were pushed out onto the streets with almost no warning. Fortunately for renters facing foreclosure, Congress passed a law requiring that once the lender or new owner takes possession of a foreclosed property they must allow renters to remain in the property for at least 90 days or allow them to finish their lease. If a renter is forced out of a foreclosed property without proper notice, before the 90 days or before their lease expires they many need to contact an attorney or housing advocate.

All renters are particularly vulnerable to the foreclosure crisis because they do not control how the landlord manages the financial affairs of the property, nor do they have easy access to information about the financial conditions of the property until the foreclosure has already been posted.  Because of this renters need to use caution when looking for a rental. Check the public records of any property you may rent to see if a foreclosure notice has already been posted.  If it there is a foreclosure notice posted, steer clear of the property. But even if there isn't a foreclosure notice, speak with former and current tenants who may know if the landlord is having financial trouble.

Categories: Foreclosures
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