The Other Side of Real Estate - Renters Evicted from Foreclosed Homes
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RISMEDIA, June 16, 2009-(MCT)-When Joe Isserles moved his wife and four sons, one of whom is comatose, into a rental home in Davenport, Fla., earlier this year, the landlord failed to mention that the house was in the final stages of foreclosure. Soon after they paid $1,200 rent for April, there was a knock on the door.
“It was a representative from Coldwell Banker representing Chase Bank, saying the bank took over the loan because the homeowners hadn’t paid the mortgage in a year,” Isserles said. “The next morning, the sheriff showed up to padlock us out.”
The Isserleses are among countless renters across the country who have become unwitting victims of foreclosure - paying rent to landlords who pocket the rent money rather than use it to pay the mortgage. The houses go into foreclosure, and evicted tenants are left scrambling for a home.
