Even Renters Aren’t Safe
By icyorchid
@icyorchid (2564)
United States
April 13, 2008 2:58pm CST
ON a cold evening in March, Desiree Dookhoo was at home in Ozone Park, Queens, studying for a nursing exam, when she heard someone trying to open her front door. She demanded to know who was there and threatened to call the police.
“It’s Richard from the bank,” a voice answered. “Your landlord has lost the house.”
Many renters may believe that they have avoided the chaos of the subprime loan crisis and the mortgage meltdown simply by renting and not buying, but they may not be as insulated as they think. Buildings with tenants are going into foreclosure as well.
“This is a growing problem nationwide,” said Mark Zandi, the chief economist at Moody’s Economy.com, a research company. “Landlords of all stripes could potentially get caught up in this very severe downturn.”
“I suspect that it’s going to be more of a problem for lower- to middle-income markets,” Mr. Zandi added.
For More Story: http://www.nytimes.com/2008/04/13/realestate/13cover.html?_r=1&no_interstitial&oref=slogin
2 people like this
4 responses
@Rosekitty (19368)
• San Marcos, Texas
13 Apr 08
Oh this is sad since so many people live this way..Hopefully anyone who has had this happen to them, found a new place fast!
@littleowl (7157)
•
26 Apr 08
HiIcy
I remember when I was with my ex-fiance we were renting a flat and paid our rent religously every month then one day the lanlord came along and said we had to find somewhere else to live-the next thing we knew we had to go to court as the landlord hadn't been paying for the mortgage and had run off with the rent money he had totally dissappeared, we were given 3 days to get out and found a room where we moved to but my ex put up a real fight about it before we moved out and we wern't even allowed to by it ourselves as it was going on auction-thats was a good 15yrs ago now-but can definitley vouch that renters aren't safe in many ways-blessings littleowl
@littleowl (7157)
•
15 Apr 08
hi icy-i hope that doesn't include council and housing association tenants i live in a housing association house and have done for 14yrs-and am quite comfotable where i live as it is secluded-it would be devasting if that happened to all those in my situation-your friend littleowl
@wickedangel (1636)
• Dominican Republic
14 Apr 08
This is so sad icy. But I suppose it is happening all around the world. It isn't fair to the renters but if the landlord goes bust then what recourse do the banks have but to evict them. I would prefer to see the banks letting the renters stay and take money off them before they try and sell the property to get their money back. But heh, that is too sensible an idea. So now even more people are having to look for somewhere to live and to stay off the streets!
