The number of foreclosures across the nation, sadly, continures to rise and set records. In the Raleigh real estate market, we are lucky to not have as many foreclosed homes as other areas of the nation, but foreclosure is still very much a reality.

Surpisingly though, the hardest hit group of people?

Renters.

It is horrible, but some homeowners are allowing their North Raleigh real estate fall into foreclosre, sometimes in an act to save their primary residence. What does that mean for the people renting the home? What kinds of rights do you have, as a renter?

Renting North Raleigh NC Property

Under the new federal law that took effect on May 20, 2009, the bank generally must honor the tenant’s lease.

Is there an exception? If the bank sells the home to a Raleigh home buyer who will use the home as a primary residence, the bank can then furnish a 90 day notice of eviction to the tenants.

Landlords-you could now be held liable for your tenants’ monetary damages- like higher rent and moving expenses inccured because of the early termination of their lease.

Renting property in Raleigh

Would you like to keep an eye on your landlord? Make sure they are paying the mortage of the home your family is renting? Check out LemonLandlord.com, where you can actually monitor whether or not your landlord is in foreclosure.

Buying Raleigh Real Estate

Should you find yourself getting evicted because your landlord is facing foreclosure, this could be the perfect time for you to buy your own North Raleigh home! There are wonderful deals on homes for sale in Raleigh, and the Jim Allen Raleigh NC Real Estate Team can help advise you every step of the way to owning your own North Raleigh area home.

Contact North Raleigh NC Realtor

Simply contact us, the Jim Allen Group, to learn more about the Raleigh NC home buying process.

Until next time,
Jim