Bill Pushed To Warn Renters Of Foreclosure
POSTED: 1:05 pm MST January 16,
2009
UPDATED: 2:14 pm MST January 16,
2009
PHOENIX -- Under Arizona law, renters whose landlords let the properties fall into foreclosure have very few rights."Current law does not require notice to renters that the property is going into foreclosure," said state Sen. Richard Miranda.Miranda and state Sen. Debbie McCune Davis are introducing bills that would require landlords to notify tenants of upcoming foreclosures."People who have homes going into foreclosure don't want to notify the renters," Davis said. "They'd like to rely on the cash flow they're getting from the renters up until the day the property changes hands."Of the more than 57,000 foreclosures reported in Maricopa County in 2008, nearly 20,000 were rental properties.According to Danielle Painter, a renter whose home went into foreclosure, finding another rental wasn't the heaviest burden. The actual cost of moving was unbearable."We're talking about $3,500 ... right before Christmas," Painter said.In order to prevent being forced to pay the rent until the day the property is foreclosed, renters should add a line to the rental agreement saying if the home goes into foreclosure, the renter has the right to break the lease immediately with no penalty.Related Story:
- Dec. 23, 2008: Renters Victims Of Foreclosure, Too
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