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September 10, 2008
Foreclosure rates are skyrocketing and millions of Americans are facing the very real possibility of losing their home. Many homeowners are choosing to walk away from their house because they can no longer afford to pay high-interest mortgage notes on real estate which is now worth less than it was when they purchased it.
Foreclosure is also affecting numerous unsuspecting tenants. Oftentimes, homeowners rent their distressed property in hopes of being able to retain their property. If they end up losing their home to foreclosure, tenants are forced to move and generally end up losing their security deposit and advanced rent monies.