In exchange for moving out within a month after the foreclosure proceedings have been concluded, a bank offers the tenants or even the owners some cash.
Fannie Mae, a large U.S. company dealing in mortgage financing, reported that they will permit tenants to stay in their properties and to prevent from being forced to leave despite the landlord’s building going to be filed for foreclosure.
Lending practices are being blamed for the increasing number of foreclosed homes in states with a growing population of Hispanic Americans and African Americans.
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