Reno Tenants Victims of Foreclosures
Posted Mar 10, 2009 @ 10:34 am, Viewed by 670 Visitors, Read 702 Times.About 40% of all evictions in Washoe County are tenants who have done nothing wrong. They pay their rent and then the sheriff shows up at their door to give them 3 days to move out. The owner of the home did not make the payments and the unsuspecting tenant gets the boot once the foreclosure is final. If you are one of these landlords please contact your tenant and let them know what is going on. Yes, you are mad at the bank, the economy, whatever, there is no reason to possibly put good, hard working people who pay their rents on the street.
Fortunately, there is a bill in the state legislature right now that would notify these tenants as soon as the foreclosure process starts and they would be given 60 days notice to find another place to live. There are other ways to protect yourself when looking for a place to rent. If you are using a service like Craigslist and are not meeting with a landlord face to face, I urge you to verify that the home you are trying to rent is owned by the person you are about to write a $3000 check to. If you know a real estate agent call them and they can verify whether that person owns the house and if a notice of default has been filed against the home. A notice of default is the first step in the foreclosure process. Normally once that is filed the homeowner has 35 days to cure the default. Typically once the default is filed and if the homeowner does not cure the backpayments it will take approx. another 4 months for the lender to take over possession of the home.
You can also have your lease recorded with the county on the home you are leasing. At that point you would be notified if there was a notice of default recorded on the property.
Click here to search ALL the foreclosures in the Reno Sparks area.
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That is a very good idea to have the property manager make the mortgage payments. That is interesting on FannieMae willing to rent out properties I would love to hear more on this as you learn more. I am still baffled that homeowners are willing to collect rents from unsuspecting tenants as the home goes into foreclosure.
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I have been an full-time Realtor in the Reno-Sparks area for over 24 years and an avid golfer. I co host a local golf show here in Reno called ""Those Golf Guys", hope you enjoy my blog and will try and keep you informed on what is going on here in Northern Nevada. Read More
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We (not I, but other property managers) are seeing this more and more. That was the driving reason we updated our PM contracts requiring that we pay the tax, insurance and mortgage. This way we know we are managing viable properties and not helping someone steal money from both a tenant and mortgage company.
FannieMae is now looking at renting out properties, both to keep the existing tenant in there and to fill vacant properties. Property Managers across the country are vying for position to service our New Found clients.