RealtyTrac has launched Renter Alerts, a new service that gives tenants advanced notice when the property they are renting enters into default or is about to be foreclosed by a lender.
‘Unexpected evictions are becoming an all-too-familiar scenario for good tenants who pay their rent on time,’ says Rick Sharga, senior vice president of RealtyTrac. ‘Some landlords aren't paying their mortgages – even while their tenants are paying their rent faithfully – causing the tenants to be evicted without warning. Our new Renter Alerts give tenants a good early warning system and avoid this unpleasant and unfair scenario.’
Over 2.3 million U.S. households received a foreclosure notice in 2008 – an 8% increase over the previous year – and foreclosure activity is expected to rise again in 2009. With over 30% of these homes not owned by the occupant, hundreds of thousands of renters are at risk of being evicted, even though many have never missed a rent payment.
Renter Alerts, which provide access to the nearly 1.8 million foreclosure and bank-owned properties in the RealtyTrac database, have been designed to help renters research properties they're thinking about renting and to monitor properties they're already renting. The new foreclosure monitoring service sends e-mail alerts to subscribers, warning them immediately of any foreclosure activity on a specific property.