Tampa Rental Market Hit by Foreclosures Too!

We are all aware of the market as we know it today.  Foreclosures, especially Tampa Foreclosures, are running amuck, with no current end in site!  The investor frenzie of a couple of  years ago has left its mark everywhere.  Investors have these vacant homes now on the market for rent and for sale.  Taking whatever they can, some of them lucky enough to find a renter to put in their property to cut down on the out of pocket expenses.  Herein lies the problem...  The rent they are receiving is not covering their expenses, and who knows if they have more than one property in the same boat.  The rental company is receiving the rent for their investor clients and everyone seems to be happy; do you see where this is going yet? 

These investors are accepting the money and not paying their mortgages, and the renters are left holding the bag!  Has anyone run into this problem yet?  I have.  My client called one day telling me she knows that the homeowner is not paying his mortgages, mail is still coming to the house she is renting.  Not only that, a renter in the next community over knocked on her door and told her he was breaking his lease with the homeowner (yes, it is the same person) because a bank Representative knocked on his door to inform him that the property was being foreclosed and he needed to vacate.  So I get a call and she doesn't know what to do, she wants to stop paying her rent because she thinks that he shouldn't be getting any of it to spend on whatever he wants.  And what is her recourse if this happens to her, and how does she get her money back from the owner who approved her putting up a $3k fence for her dogs and she just spent $10k to move her stuff into the house?

To set a few things straight; one I was not the agent who put her into this rental property to begin with.  Two, I am not the rental agency for this homeowner.  My contact with my client was through an open house I was holding and she just dropped by.  I had spoken with her over several weeks before I got this call.  I don't believe we have heard it all yet and I don't believe we are seeing the light of day anytime soon on this problem.

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