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Foreclosures and Renters

Started by reddog2669
about 17 years ago
Posts: 121
Member since: May 2007
Discussion about
Why is it, in all these foreclosure stories, the people renting the place are kicked out? Why would the bank kick out people who are paying rent and who can help the inevitable vandalism associated with an abondoned house? I never got this.
Response by alanhart
about 17 years ago
Posts: 12397
Member since: Feb 2007

Why don't you just contact the bank and tell them you'd like to stay on after foreclosure?

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Response by stevejhx
about 17 years ago
Posts: 12656
Member since: Feb 2008

Banks are not allowed to own property to rent out. They are not allowed to invest in real estate unless they occupy 51% of it.

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Response by reddog2669
about 17 years ago
Posts: 121
Member since: May 2007

Hmmm, sounds like a simple law change that could help a lot of people and banks.

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