Renters get left out
In Part 6 of this Loan Modification series, I covered the fact that the foreclosure prevention plan will only help with mortgages on primary residences.
That provision is designed to avoid allowing people who own multiple homes from getting federal aid on secondary properties. Unfortunately, that means if a homeowner is renting that home out and it goes into foreclosure, the people who are living there are the ones who will be hurt.
One renter’s story
This problem is illustrated in the story of Lisa Brown. The Long Island, New York, resident paid her rent on time. She chose to create a new beginning for herself and her daughters by renting a home instead of taking out personal loans to buy her own.
Despite Brown’s prompt rent payments, the woman who owned the home fell behind on the mortgage. Now Brown’s family is being evicted because the property is in foreclosure.
No help on the way
So far there isn’t a government plan in place to help tenants like Brown, and there hasn’t been any news of aid to come. However, it might be that there is just nothing the government can do. Though monetary aid would help Brown somewhat, that’s not what she needs. She needs a place to live and some stability. ... click here to read the rest of the article titled "Missing Pieces | Loan Modification Part 7"
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