COMMENT: RENTERS: THE INNOCENT VICTIMS OF THE FORECLOSURE MORTGAGE CRISIS Skip over navigation
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Copyright (c) 2009 Southwestern Law School
Southwestern Law Review

COMMENT: RENTERS: THE INNOCENT VICTIMS OF THE FORECLOSURE MORTGAGE CRISIS

2009

Southwestern Law Review

39 Sw. L. Rev. 339

Author

Armine Bazikyan*

Excerpt



I. Introduction
 
Imagine for a moment that after years of paying your monthly rent, you receive a knock at your door one day with a notice stating that you must vacate the premises within a few days. Finding another place for you and your family to live within weeks or even days, especially if you did not financially expect such a sudden eviction, is truly a burden. This was the predicament in which "A.S." found herself in August 2007. 1 She signed a three-year lease on a three bedroom condominium in April 2006. 2 She recalls specifically informing the owner that she wanted a three-year lease because she had "no intention of moving before that time" as her resources would not allow her. 3 After being personally assured by the landlord that the arrangement was beneficial for not only A.S. but the landlord as well, she took possession of the premises and faithfully paid her monthly rent. 4 She was surprised in August 2007, when she was informed by a real estate broker standing at the door that the property was in foreclosure. 5 He informed her that she could either wait out the foreclosure sale and be evicted by the new purchaser (the bank in her situation), or she could take "cash for keys" and voluntarily move out within fifteen days. 6 She was also kindly informed that an eviction would remain on her rental record. 7 Fearing any type of negative mark on her ...
 
 
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