We've heard a lot about how homeowners are affected by foreclosure; but much less about the renters who also fall victim to foreclosure. There are 95 million renters in America and every last one of them is vulnerable to eviction because of the current foreclosure crisis.
Many renters are just as financially vulnerable when facing foreclosure as their homeowner neighbors, if not more vulnerable. Because renters don't have control or knowledge over whether the mortgage is paid or not, they are often caught by surprise when a foreclosure strikes.
This leaves them less prepared to move and find affordable and appropriate housing. When the foreclosure crisis began, many renters where facing eviction often with nothing but a few days notice putting them at risk for homelessness. Fortunately for all of us, Congress passed a law requiring that when a lender or new owner takes possession of a foreclosed property they allow renters to remain in the property for 90 days or allow them to finish their lease.
Under this new legislation renters are made less vulnerable to the financial side effects of foreclosure. If you're a renter facing an eviction because of foreclosure make sure that you let the new owner know that you are aware of your rights. If you are being forced out before 90 days or before your lease expires, you may want to contact an attorney or housing advocate.
If you are facing eviction because of non-payment of rent and are facing other financial difficulties you may need to consider bankruptcy. Contact a Dallas-Fort Worth bankruptcy attorney for more information about renters and bankruptcy.