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Foreclosures Hit Renters & TIC's Owners Wait

Foreclosures Hit Renters

Most of the talk has been about property owners, and not about some of the renters who are displaced when a property goes through foreclosure. Something is certainly unfair to the tenant, if they’ve been paying rent on time. As investor, you have to have an emergency fund and not taking on mortgages that will put you over your head if appreciation doesn’t continue to rise. Ride through the down cycles with your emergency fund and write off your loses, don’t take it out on the tenants.

"For folks who have been paying their rent on a regular basis, to simply be evicted without cause because the owner has been unable to maintain their mortgage payment is a real problem," said Paul Leonard, director of the California office in Oakland for the Center for Responsible Lending. "In an already flagging market, the idea that foreclosures displace renters without adequate notice creates a level of upheaval and distress that could be mitigated with more reasonable notice provisions."

TIC’s and Rent Control – The Lottery

It’s a long wait for many TIC owners who are hoping to convert their TIC into a condo, so they can then take out some equity. The debate is what’s fair for the city as far as rental availabilities.

The rub is that San Francisco limits the number of annual condo conversions to 200 units, selected through a decades-old lottery process designed to discourage tenant evictions and loss of rental properties.

More in the news...

Neighborhood sites that offer reviews and local opinions:
http://outside.in/Brooklyn_NY
http://www.yelp.com/
http://walkscore.com/

New Sites that we've come across recently :

You Walk Away -  You Walk Away, LLC is located in San Diego and run by a team with over 50 years of combined real estate and legal experience. It is the objective of You Walk Away, LLC to empower homeowners who purchased their homes at the peak of the real estate market to take control of their financial future. We strive to help people understand their rights and know their options so they do not feel helpless.

Auction site:
http://www.hudsonandmarshall.com/default.asp

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