Monitoring Service Give Tenants Notice if Landlord Falls into Foreclosure and if Property Faces Imminent Repossession
IRVINE, Calif. – April 1, 2009 – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, announced today a new service called RealtyTrac Renter Alerts that gives tenants advanced notice when the property they are renting enters into default or is about to be foreclosed by a lender.
“Unexpected evictions are becoming an all-too familiar scenario for good tenants who pay their rent on time,” said Rick Sharga, senior vice president of RealtyTrac. “Some landlords aren’t paying their mortgages — even while their tenants are paying their rent faithfully — causing the tenants to be evicted without warning. Our new renter alerts give tenants a good early warning system and avoid this unpleasant and unfair scenario.”
Skyrocketing foreclosure rates over the past two years have exposed hundreds of thousands of renters to evictions, even though many never missed rent payments. And many more renters living in distressed properties are also at risk of being evicted and ending up homeless.
Now tenants can protect themselves from foreclosure evictions by subscribing to RealtyTrac’s Renter Alerts. The new foreclosure monitoring service sends e-mail alerts to subscribers warning them immediately of any foreclosure activity on a specific property. The service is being offered at a special introductory rate of only $24.95 a year.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, and detailed property, loan and sales data appended to its foreclosure records. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.
Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, USA TODAY, and many others, RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
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