Renters find out their homes are in foreclosure – Irvine Real Estate – Irvine Homes and Condos

by Robert Mack on December 20, 2010

in Buyers, Latest News, Sellers

Three neighbors on a single block of Meadowsedge Lane have become close as they learned that they all rent houses from the same landlord and all three homes have gone into foreclosure.

They’ve grown angry and confused while discovering that they’ve been paying rent on houses while their landlord had stopped paying the mortgage. They believe they’ve lost their security deposits, which are worth two months of rent. And, they’ve struggled to no avail to find a law that would have given them any right to know that the houses were going into foreclosure before they signed a lease.

All three moved into the Springwood South subdivision this year and were happy with their homes until it became evident something was wrong.

For Blaine Bowen, it was the knock on the door in May, a few days after he, Dotte Hamilton and their two teenaged daughters moved in. The man at the door did not identify himself, Bowen said, but he was looking for the owner and was surprised to find anyone living there.

via heraldnews.suntimes.com for the complete article

This is so common now, and is happening more and more! I’ve seen it personally happen to severl people that I know so I can’t even imagine how many renters are getting that surprise visit, letting them know that the home they live in is being foreclosed on because the landlord isn’t paying the mortgage.

Posted on Irvine Orange County Real Estate Market News

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