New Service Gives Renters Heads Up If Foreclosure Looms

04.01.09 | FL News Team

Renters can now check to see if the home they are living in is about to be reclaimed by a bank. RealtyTrac has just started a service called Renter Alerts. RealtyTrac senior vice president Rock Sharga says "unexpected evictions are becoming an all-too-familiar scenario for good tenants who pay their rent on time."

Even while tenants pony up the rent each and every month, landlords do not necessarily pass along the mortgage holder's share. Until now tenants could be blindsided when someone shows up at the door and orders them out of a home or apartment with little or no notice.

The Renter Alert program offers total access to the amazing one-point-eight-million homes with mortgages either in default or in foreclosure. For a fee of just under 25-dollars per year the service allows subscribers to pick addresses at random nationwide and will send an e-mail to a subscriber the instant a property they're renting or even thinking about renting is the subject of any kind of foreclosure activity. More information is available at RealtyTrac.com.