A large number of renters who pay their rent timely are also becoming the victim of foreclosure. This is happening mainly due to the fact that their landlords who bought houses during their heydays and then rented them are now unable to cope up with the mortgages. The renters are facing a big blow when suddenly they are getting to know that it is not their home from the next day. A number of localities and members of the Congress have taken efforts to provide some time to the renters before they get evicted by the banks. Some measures have been taken to inform the tenants of their rights.

It was a surprise to James Austin, a home-security firm consultant, when a real estate agent showed him photographs of the home he was renting. It was facing foreclosure. He immediately made his move to rent another home in Bowie only to discover later that the home also went into foreclosure. It is not really known to the Mortgage Bankers Association that how many tenants were forced to leave this way. But according to them, a large number of homes that were foreclosed last year comprised of probably rented homes. With the foreclosures going high, the number of foreclosures for rented homes has also probably gone up.

The problem of foreclosure that was earlier disrupting the homeowners has now shifted to the renters too. Generally when a house is foreclosed, the dissolution of lease agreements takes place. This implies that the renters may be asked to leave their home without a prior notice. As such some of the tenant laws have been introduced for the safety of the tenants. This is good news for the real estate.

The laws in Maryland and Virginia are not very renter-friendly leaving them at the mercy of the new homeowners. According to lawyer Kristi Cahoon of Legal Services of Northern Virginia, the tenants can save their money for security deposit during the months of long paperwork between the lenders and the courts. The renters can go for a consideration of “cash for keys” if the lender continuously pressurizes him for leaving the home whereby the bank will be paying to help the renters to move.

Last year, a measure has been introduced by the US House whereby the renters are to be given a 90 days notice by the new owner of a foreclosed home before eviction. If there are more days mentioned in the lease, then the renter will be able to stay up to 6 months.

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