Damn that mortgage crisis... Damn those greedy mortgage brokers!! Damn those awful underwriting practices!! Should we label it a natural disaster? Is George W. Bush going to show up in neighborhoods across America showing support?
The latest in mortgage crisis and foreclosureepidemic is the increase in tenants being evicted from their homes due to their landlords defaulting on their mortgages. An article this Sunday in NY Times titled "Even Renters Aren't Safe" embodies this increase.
While renting may have been a safe option instead of buying in the past couple of years, many landlords are also vulnerable to foreclosures, putting tenants out on the streets. Chief economist at Moody's Economy.com, Mark Zandi, said "This is a growing problem nationwide, landlords of all stripes could potentially get caught up in this very severe downturn. I suspect that its going to be more of a problem for lower-to middle-income markets." This could mean neighborhoods like South Yonkers, West Mount Vernon and the Melrose section of The Bronx which consist of many small multi family homes.
Renters and tenants alike be aware and active with the maintenance and management of your building. If you need assistance with finding a new home or getting out of a possible foreclose, please don't hesitate to call...
As always comments and suggestions are always welcomed...
MICHAEL A. BROWN - REALTOR® & ASSOICATE BROKER WESTCHESTER COUNTY AND THE BRONX
Lane - It does suck, you have been a great tenant paying your rent on time and then you are evicted cause of your landlord's financial woes. This might be great time to turn many renters into condo/coop owners!!
Joan - I hope so as well...
It is a sad situation thats needs to be resolved very quickly.