The new wave of foreclosures is hitting renters hard
Everyone has heard about the recent wave of foreclosures in the state, and particularly in the twin cities metro area. A new article in the Star Tribune writes about the trickle down effect that foreclosures are having. The renters of these foreclosed homes are being caught up in the middle.
The article says that renters are experiencing a myriad of problems from having to leave right away, to low-income families having no where to go, to having the heat turned off. Some renters will be allowed to stay for several months after the property is foreclosed.
Other renters vent their frustrations saying they had planned on buying their rental property, but now have to find somewhere else to live.
The article also talks about how foreclosures are drastically increasing homelessness. Hard numbers are not yet available but its clear that they are having a heavy impact.
The Dorothy Day Center in Saint Paul which temporarily houses homeless families has seen a drastic increase in the number of homeless families needing help. They are attributing this increase in part to the large number of foreclosures in the area.
State officials are saying one important thing for renters to remember is to know their rights.
Unfortunately the problems stemming from foreclosed homes will likely not end soon.