The article discusses efforts by legislators in some states, including Georgia, to give tenants a reasonable notice period. Bank lobbyists have expressed concern about who would be responsible for maintaining and insuring the rental property while the notice period runs.
How can you protect yourself:
- if you begin finding bankruptcy lawyer advertisements in your mailbox, especially those addressed to the property owner, you should be concerned about a possible foreclosure
- if you see investors observing your house, you should ask questions
- if you are at all suspicious about the solvency of your landlord, identify the newspaper that publishes forclosure notices and start reading.
- don’t hesitate to negotiate with the bank. Banks and mortgage companies do not want a bunch of empty homes in their portfolio. A good friend of mine works as a real estate agent specializing in marketing bank owned properties in the Atlanta area. He advises me that banks and mortgage companies will listen to reasonable offers and that the glut of “real estate owned” properties on the market make this a good time to make an offer.
You can file a bankruptcy to stop an eviction, but bankruptcy is not designed to “create” leases. Most bankruptcy judges will give a good faith tenant a few weeks to move out so bankruptcy can provide no more than a temporary relief.
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