Foreclosures aren't always kind to renters...
Nearly 80 Baltimore City apartment tenants have been evicted from their homes this year, all because the buildings they live in have been sold in foreclosure.
The evicted tenants often don't know about their building's plight until it's too late. Some even continue to pay rent to their former landlords, only to be evicted by new owners who claim their tenants haven't paid rent in months. As a group, according to one city official, the renters could soon emerge as the latest victims of the rising tide of mortgage foreclosures sweeping the nation.
"We kind of thought this was starting, but what we found out [was] we had more and more tenants calling to say, 'Hey, I'm being evicted,' " said Reginald Scriber, deputy commissioner for community services at the Baltimore City Housing Authority. "It was clear to me that the tenants didn't know their rights."
The red-hot housing market of just a few years ago turned many area residents into real estate investors, hoping to buy and quickly sell properties at a handsome profit in just a matter of months. When the market cooled, many of those investors were left with homes they couldn't sell, and they turned to the rental market to keep them afloat of their mortgages until the market picked up again.
This is a tough time for renters too and I'm glad this article points that out.
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