By Conrad Hodgson
There is something happening in San Diego that all should be made aware of. We hear stories almost daily of families signing long-term leases and, shortly after moving in, they are told the property is in foreclosure and need to move out.
Many homeowners who are facing foreclosure are desperate to find solutions to their financial troubles, often times resorting to this kind of practice. These properties are being listed for rent at a good discount so people jump at the opportunity to rent something at below market value.
If your rental property is in pre-foreclosure status please, please, please, let the tenant know. How would you feel if you went through moving your entire household to a new home, only to be told 30 days later that the home is in foreclosure? If you already have a tenant in the property and are trying to do a loan modification or something please just be forthright and let the tenant know what is going on.
I recently heard of a family that lost their home to foreclosure and moved to the least expensive rental in the area, only to be told a few weeks after moving in that the property is in the last stages of foreclosure and needed to move again.
What has our world come to? I know it is tough for everyone out there right now, but I must ask for just a little bit of decency in this respect.
I will end off by saying that if anyone would like me to check to see if a property is in default before signing a lease, I am more than happy to do this free of charge. It will take me five minutes and would save you and your family much time and money.