Today’s observation is another one similar to the one regarding equity lines of credit being arbitrarily reduced. Instead tonight we are discussing something that is even more unheard of.
Landlords are at fault in this observation not banks, but I wanted to bring this practice out in the open so you can share it with all of your clients that may be in a rental situation.
Here it is. Landlords are collecting the rent from the tenants but they are not paying their mortgages so the renters are losing their place to live as the lenders are foreclosing on the owners who are in default. This is not as rapid spreading as the equity lines of credit and credit card authorization amounts being reduced. But it is getting press and you need to find ways to protect your tenants. I am not here to suggest any methods of protection as this is out of my field of expertise.
We just want you to be aware of this practice and the more we can help the consumer the better it is for everyone. For additional information find out What Makes Us Different .
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