A Renter's Right to Know!

Over the last couple of weeks, I’ve been hearing some disturbing news about renters in homes that are going in/have been foreclosed on and its been unbeknownst to them that the home is in foreclosure. According to the news reports, the renters have paid their rent on time only to find the U.S. Marshalls at their doorstep ready to set them out.

It’s no fault of their own and its unfortunate to be placed in this situation, especially in these hard economic times. However, as a precautionary measure, you as a renter should do what you can to put in the place these precautionary measures:

1. Know the person with whom you’re renting from. Do your research; ask for references, in particular, how many properties do they currently own that are rented out?

2. Pay close attention to (DO NOT OPEN/READ it, that’s a Federal offense) the addressees & frequency of mail received at your address that’s addressed to your landlord. This could be a talltail sign of something going on.

3. Even though your renting, strive to make provisions to save so that you can eventually, one day, own your own. And, if these unforeseen circumstances do happen to arise, at least you’ll have something to fall back on to replace you and your family.

Long story short, you, as a renter, should be vigilant in pursuit your dreams of owning your own home. Why continue to let someone else profit from your monthly sacrifices when you can reap the rewards of homeownership for yourself.

With that being said, I’d like to hear from you. Share with me some of the the things you have endured in your pursuit to owning your own home. Feel free to post your story(ies) in the Comments section and tell us what you learned from your experience(s).