Chief Prognosticator

Renters Beware

Do you rent your home? Well you could be in for a nasty surprise. Why? The mortgage meltdown crisis! Thousands of Americans around the country are being evicted from their rental home with little notice. Why? Their landlord has defaulted on their mortgage! If they financed the property using questionable methods (adjustable rate mortgage! or worse), then they could be in danger of defaulting. This means you will be kicked out in to the street! Anther scenario which is occurring is that the landlord is informing the resident that their rent is going up…. How much up? Double!!! In these cases the landlord is passing along the cost to the renter… otherwise its “default-city”. This has lead to a novel idea in the renters market — performing a credit check on the landlord, instead of the usual other way around!