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RealtyTrac Launches Renter Foreclosure Alerts.(Managing REO)
Byline: Jennifer Harmon
Irvine, CA-RealtyTrac here is launching a new service called RealtyTrac Renter Alerts that gives tenants advance notice when the property they are renting enters into default or is about to be foreclosed by a lender.
"Unexpected evictions are becoming an all-too-familiar scenario for good tenants who pay their rent on time," said Rick Sharga, senior vice president of RealtyTrac.
"Some landlords aren't paying their mortgages - even while their tenants are paying their rent faithfully - causing the tenants to be evicted without warning. Our new Renter Alerts give tenants a good early warning system and avoid this unpleasant and unfair scenario."
More than 2.3 million U.S. households received a foreclosure notice in 2008 - an 81% increase over 2007 - and foreclosure activity is expected to rise again in 2009. With over 30% of these homes not owned by the occupant, hundreds of thousands of renters are at risk of being evicted, even though many have never missed a rent payment.
Renter Alerts, which provide access to the nearly 1.8 million foreclosure and bank-owned properties in the RealtyTrac database, have been designed to help renters ...
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