Renters are at real risk in this mortgage mess -- if the landlord goes into foreclosure, the tenants can be evicted.
According to the National Low Income Housing Coalition, renters make up an estimated 40% of families facing eviction because of foreclosure. The article also includes an example of such a place where renters were thrown out, and the place lost 90% of its value over many months sitting vacant, as it was gutted and looted by neighborhood vandals. So in cases like that, foreclosure is a lose-lose-lose situation for everybody involved: The owner, renters, neighborhood, city, and even the bank itself! Sheesh! How stupid can banks be?--JR Mooneyham More at dollarsandsense.org.
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