Monday, April 6, 2009

A New Type of Renter's Insurance

This insurance is that you do not get kicked out of your house due to the landlord's foreclosure. While this service is probably not necessary for New Jersey residents - but check and make sure - it may be worth the annual fee of $24.95 for many people. In a RealtyTrac Press Release titled RealtyTrac Launches New Renter Foreclosure Alerts the program is discussed. Let's take a look -

RealtyTrac (, 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.

We are not endorsing this program - rather just flagging another sign of the times!

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