Hard to believe that I, as a landlord, think that tenants are getting screwed. Usually a landlord gets a bad rap as the "slumlord" for not taking care of a property when in fact the tenants have destroyed the home. Like the lady who was complaining of mold in her home when in fact she never reported the toilet leaking and also never and I mean never, cleaned the bathroom in over a year. What does one expect?
But this time, in this one event, tenants are getting the shaft. Investors that thought real estate was the best get quick scheme out there, many flocked to the market buying homes and then renting the properties to make huge profits. Then the unthinkable has happened. The market went down.
So many so called "investors" got stuck with poor investments from their own bad choices and thus here comes the bad guys taking the homes back; those nasty lenders. Since the would-be-investors couldn't make the payments, the tenants get screwed finding out they have to move out with virtually no notice. Shame on them.
It is one thing when notice is given to a tenant to move, but when a foreclosure happens the tenants could be out on the street even though they had paid their payments on time. In this ever changing environment, it is becoming possible for tenants wanting information about the landlord/owner and their financial position. It has always been assumed that the landlord owned the home and as long as the tenants took care of the property and paid the rent on time all was fine. But with this new breed of investors out there, tenants need to be cautious who they rent from or they possibly could be out on the street with no fault of their own.