When people rent a place to live they might as well flush their money down the drain.
Sadly enough that phrase has become a reality for Lisa Brown of Long Island, NY., according to CNN.com.
Brown paid her rent on time every month, only to find that the house had fallen into foreclosure.
Brown, a single mother of three, was evicted because her landlord defaulted on the mortgage.
Imagine opening the door to your home and someone hands you a notice telling you that you have 30 days to leave the premises.
There was nothing Brown could do about it.
Even though Brown signed a lease, which is a legally binding document, there is no law that says the bank or the landlord has to let the tenant know about a possible foreclosure.
All of the money that she invested in the home that her family had the luxury of occupying for a mere 7 months, is gone with no sign of return.
Brown paid a security deposit of $5,700 and she was paying $1,900 a month.
The landlord said that her money is gone and she will not get any of it back.
In this sad case, Brown’s intelligence is being insulted.
First her no account landlord rented the house out when she knew it was being foreclosed on.
And now the bank wants to offer Brown $1000 to move out, take all her belongings and leave her dream of a better life for her family behind.
Brown needs to go straight to court. There is no other solution.
According to the Center for Housing Policy, 20 percent of all foreclosures are due to rental properties. These landlords need to hold up their end of the bargain.
Leontyne Mason for the Editorial Board.