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Foreclosed Multifamily and Single Family Homes for Sale Hurt Renters

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By : John Cutts    99 or more times read
The number of distressed multifamily and single family homes for sale continues to rise in most areas of Wisconsin. With the foreclosure crisis weighing down the state's housing market, it is not only homeowners, but also renters, who are hurting. Recently, a forum designed to address renters' problems was held in Kenosha County.

The forum was held to hear out the problems of renters who are living in foreclosed homes in Milwaukee, WI and in other areas of the state. It was organized by Grace Lutheran Church's Reverend John Bischoff and County Supervisor Day vin Hallmon. According to Bischoff, he has received numerous calls from homeowners and renters who were evicted due to foreclosure.

According to lawyers from the Legal Action of Wisconsin who participated in the forum, problems start for renters when the place they live in become Wisconsin foreclosed homes for sale and they are then forced to vacate the premises at short notice. State laws require landlords to provide notice to tenants within five days after the landlord has received the notice of foreclosure.

In cases when the foreclosed home for rent has already been sold, the landlord is required to provide sale confirmation documents. The problem, according to forum organizers, is that there are some landlords of foreclosed multifamily and single family homes for sale who do not live in the local area and are consequently unable to inform tenants of the foreclosure or the sale.

When this happens, tenants are often left with only a day to vacate the premises before the people buying foreclosure houses for sale take over the property. In foreclosure cases, it is often a problem to determine how long occupants have to leave the premises and clear out their belongings.

Lawyers at the forum have explained that there are cases when renters in a foreclosed property need not move out immediately since the process of foreclosure can take months to complete. They also explained that renters who have leases are allowed under the law to remain in foreclosed multifamily or single family homes for sale for up to three months or until the lease runs out. They further added that most lenders allow tenants to remain in foreclosed houses as long as they are aware that there are people still living in the properties.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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