Do you rent a house? Are you worried your landlord might be falling behind on mortgage payments?
If you answered yes to the above questions, RealtyTrac’s new Renter Alerts might be just the thing for you. (Or you could just ask the owner if everything is “alright”).
The foreclosure information provider today launched a new service that gives tenants early warning if the property they rent enters into default or is set to be foreclosed on by the bank or lender.
Essentially, the foreclosure monitoring service sends e-mail alerts to subscribers immediately if any foreclosure-related activity takes place on a given property.
“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, in a release.
“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.”
Realty Trac said 2.3 million households received a foreclosure notice in 2008, an 81 percent increase from the previous year, and 2009 is expected to be even higher.
Of those, 30 percent were non-owner occupied, meaning the renters were likely displaced as a result, despite never missing a payment themselves.
The service, which carries an annual fee of $24.95, also allows those to research a property before renting it out.
Back in January, Fannie Mae launched its so-called Real Estate Owned Rental Policy, which gives tenants of foreclosed properties more options, such as month-to-month leases or financial assistance should they choose to relocate.