The real estate meltdown can affect renters, too. If your landlord goes into foreclosure, you will most probably have to move from your house. One piece of good news is that the Joint Federal Travel Regulations have been adjusted to allow the military to pay for the moving expenses of service members who are impacted by their landlord’s foreclosure. This change, which has been made retroactive to July 30th, will help military members who are forced to move unexpectedly when their leases are terminated. It does not apply to service members who move due to a foreclosure action on a property that they own.
For more information, you can also read the article at DefenseLink, and keep your eyes open here at the Paycheck Chronicles for a piece on tenants rights during the foreclosure process. I hope to have it done today or tomorrow!