Renters Beware: Your Landlord May Be Foreclosed On, You May Be Evicted

Do you rent your home? If so beware. Yesterday National Public Radio [NPR] exposed a growing problem for renters – eviction due to the owner being foreclosed upon.

“Some Chicago renters don’t know their building has been foreclosed on until the eviction crew arrives. Cook County, Ill., authorities have encountered this so often that they’ve now come up with a plan to give unsuspecting renters more time to move.”

Here are the problems, as featured in NPR’s expose.

• Renters are being evicted because the apartment’s owner has been foreclosed on.
• Renters are being surprised when the Sheriff comes knocking at the door with an eviction notice demanding that the renter leave their apartment immediately.
• Renters often don’t know what to do next.
• Renters are instantly made home-less.
• Renters don’t know what rights they when apartment has been foreclosed on.

If you are a renter you need an Attorney, in your state to tell you your rights as a renter.

At this time, you can’t afford to wait for your State to catch up with the reality that sometimes the renter has paid their rent on-time, but the homes owner didn’t pay the Mortgage.

You can’t afford to wait for the Sheriff to show up at your door Demanding that you move immediately.

If you are a renter, I’m asking you to consider getting a legal advice’ to protect your family. There is security in knowing that when the unexpected legal situation threatens your family, you’ll have an Attorney to tell you what to do next, protect your rights, and help you sleep more peacefully at night.
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7 Mishaps of Mortgage Defaults

It’s a little known fact that a majority of Creditors and all 3rd Party Debt Collectors [Debt Terrorist] are loan sharks and liars respectively. The States of Illinois, California, Minnesota, and individual debtors are suing Countrywide for “deceptive and predatory lending practices”.

As featured in the USATODAY cover story, “The lawsuits [against Countrywide] typically include allegations that mortgage-servicing firms mishandle borrower payments, triggering unwarranted late charges or defaults; bill homeowners for more than they owe; charge for unneeded and expensive property insurance; and disregard bankruptcy-court rules.”

So, let’s break it down.

1. You pay your bills on time but the lender ‘mishandles’ your payment.

2. This triggers late fees and other rarely and barley disclosed penalties.

3. You fall behind because the hidden penalty fees have exploded your debt.

4. Your loan is considered in ‘default’.

5. This drops a bomb on your credit score and leaves you with no defense against Universal Default [when one creditor raises your rates based on your actions with another account with another company].

6. Once in default, you’re told that negotiation is not an option for you. This leaves you on the battlefield of debt without any ammo.

7. You end up filing for bankruptcy protection or defending yourself in a foreclosure lawsuit.

The bad part is, these five things happen on a regular basis and are causes of many foreclosures across America. Worse still is that these things occur for people who’ve PAID their bills!

This is too much drama for one day. Over the next few posts, I’ll dig deeper into the mortgage mayhem and help you get a better understanding of the tactics of these “Credit Predators and Debt Terrorists”.

In the meantime, if you feel that you’ve been tricked into an un-payable loan by your mortgage lender, we encourage you to seek the help of an attorney [in your state].

Wishing you Financial Security!

We are Debt Warriors!