There are, obviously, a lot of people looking to make money off of the foreclosure crisis. The most obvious is the loan modification industry that has popped up. But at least that has some grounding in reality. During this time, people need help getting the best rate and new loan from their mortgage company so they can stay in their homes.
Of course, people are now attempting to solve problems that DO NOT EXIST.
“So RealtyTrac, the California-based company that sells foreclosure information to investors, is launching a new system, RealtyTrac Renter Alerts. For $25 a year, a renter can have their address monitored.”
Of course, in Florida, the physical property address is always sent pleadings related to the foreclosure. It’s a requirements. Of course, it’s also how the tenants find out. Then there’s this little gem in this article:
“Some landlords collect rent even though they’re not paying the mortgage. Under RealtyTrac’s system, as soon as the mortgage enters into default in the court system, the renter would be notified by e-mail.”
Guess what? If you live in a property that is subject to a foreclosure suit, you still must pay the rent. The original party you entered into the rental agreement with still owns the property. It may be a good time to renegotiate your rent, but you still have to pay.