Eviction from Foreclosed Homes Have Become A Cruel Reality
May 25th, 2009
People who live in rented homes are having a horrific experience. Many of them are being evicted from their homes. Most of these homes are foreclosed properties. Take the cases of Chauntay Barnes and Edgar Letriz, for instance. They live in property whose owners had defaulted on payments. Even though Barnes and Letriz were always prompt in making rent payments, they were still evicted. Fannie Mae controlled Ms Barnes’ mortgage while HSBC was in control of Mr Letriz’s home. Eviction from foreclosed properties is now a cruel reality in the US.
Ms Barnes and Ms Letriz do not know what to do. Ms Barnes was horrified at the thought that she might not have a home to live in. She was only too glad when government-owned company Fannie Mae put a stop to evictions. Mr Letriz was not so lucky, though. He was given a notice that he would have to evict his premises. He had no job too.
For long, people like Letriz and Barnes have become victims of the foreclosure crisis. Eviction notices are hanging on their heads. There seems to be no respite from this. When Fannie Mae and Freddie Mac offered lease to those who rented foreclosed homes, lawmakers had hoped that others would soon do the same. But so far, nobody followed in that step.
Subsequently, many states are formulating plans as to how they can ask other banks to extend lease offers to rent payers. Marietta Rodriguez, a senior official of national homeownership programs at NeighborWorks America, says that the issue has been gaining a lot of attention now.
RealtyTrac, an agency that compiles foreclosure data, says that 30 per cent of homes which have been foreclosed are being occupied by renters. The federal government has recently come up with a $75 billion rescue plan for homeowners. But people are sad that rent payers have not been included in this. Only homeowners with private properties are beneficiaries of the programme.
Real estate developers say once homes are vacant, they are neglected. The dilapidated homes pull down real estate values in the neighborhood. Both residents and lenders are affected this way. Ms Rodriguez says that it is a no-win situation for everybody.
Banks are of the opinion that they cannot act as landlords and that it is much easier to sell vacant property. Rent payers are often caught in the tangle – on the one hand are the unresponsive banks and on the other hand is the fear that they may lose their security deposits besides their homes.
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