Monday, Nov 19, 2007
As Owners Feel Mortgage Pain, So Do Renters
NY Times: As Owners Feel Mortgage Pain, So Do Renters
In the foreclosure crisis of 2007, thousands of American families are losing their homes without ever missing a payment. They are renters in houses whose owners default on their mortgages — a large but little noticed class of casualties.
Many renters say they never even knew their buildings were heading for foreclosure.
Posted by global citizen @ 11:12 AM (204 views) Add Comment
1 Comment
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1. drewster said...
Unfortunately this can happen in the UK too. If your landlord defaults on the mortgage then the bank can repossess the property. This applies even during the first six months of an Assured Shorthold Tenancy, supposedly the most secure time. The minimum notice period is just 14 days from the court order. Here's a story about a couple who returned from holiday to find they only had four days to move out:
http://www.guardian.co.uk/money/2005/sep/18/renting.observercashsection
Private tenants in the UK are screwed compared to social tenants (council / housing association) and compared to our European neighbours. No wonder everybody wants to own a house rather than rent.