If Your Landlord is a Deadbeat, You Might be Really, Really Screwed

by Alex Stenback on May 11, 2007

Interesting bit from MPR this morning on how foreclosures are hitting renters.  Long story short – you can be the worlds best renter, but if you rent from a deadbeat, you may find yourself with no utilities (or on the street) when your landlord defaults.

Some landords are even drawing up leases for properties already in foreclosure or serious default, hoping to extract the last bit of cash from unwitting tenants before the inevitable:

…many renters moved into a place unaware it was already in foreclosure at the time they signed their lease.

"I would say at least half the people have looked at me completely
astonished and said, ‘I didn’t know this had happened. I wouldn’t have
rented from this person.’

And there are a lot of investors/landlords in foreclosure:

In Ramsey County last year, investor properties accounted for 43 percent of foreclosed mortgages.

In Hennepin County officials estimate the number at about 47 percent for the first three months of this year.

So what’s an honest renter to do?   A little due diligence:  Hennepin County lists all sherriff’s foreclosures online; so before signing a lease, check both the property address and the landord/property owner by name to see if there has been any foreclosure activity.  Might also be a good idea to check the Hennepin county tax information page to confirm that you are in fact dealing with the owner.
· Hennepin County Sherriff’s Foreclosure Search by Name/Address [.gov]
· Hennepin County Property Tax Information Search [.gov]

· Renters Put Out by Foreclosures [MPR]

{ 1 comment… read it below or add one }

derrikd May 11, 2007 at 1:33 pm

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