So far this year, Dallas-Fort Worth has experienced 1,918 commercial property foreclosures which include retail centers, retail buildings, office buildings, industrial buildings, apartment complexes and unimproved commercial land. Of those commercial property foreclosures 18% were apartment buildings. Dallas-Fort Worth experienced a 35 percent spike in the amount of apartment buildings in foreclosures. In 2007, 257 apartment buildings suffered foreclosure, while 347 apartment communities faced foreclosure in 2008.
When we talk about foreclosures and families facing eviction from their homes, we rarely hear about ordinary renters who pay their rent on time; but face eviction because of the property owner’s foreclosure. These numbers are going to get higher as those who refinanced apartment building mortgages find themselves stuck with toxic loans and fighting foreclosure. Renters need to check the status of any property they are currently living in or plan to rent in the future.
Foreclosures are public record, so there is no reason not to at least check. Many renters have unknowingly paid rent to foreclosed owners even after the homes have become bank owned. Don’t let that happen to you. Go to the County Recorder’s Office and using the property owner’s full name and address, check and see if the property is in foreclosure before you hand over your money.