Charlotte, NC, May 14, 2009 --(PR.com
)-- National Council for Financial Literacy warns renters being overlooked/victimized by foreclosure procedures. Renters evicted are not even aware that a property is being turned back to a bank.
Renters are becoming victims to foreclosures as property owners do not advise tenants that the property is in foreclosure. Typically tenants are not advised of any proceedings and once a foreclosure takes place, all leases become void. Tenants are then being evicted as “squatters” since the bank is the new owner and typically does not want to rent the property.
As more foreclosures take place, more “homeowners” are now becoming tenants and lose not only one home, but two homes.
Typically, all notices to the address are being intercepted and there have been cases of tenants returning home to find all their possessions removed or on the front lawn by local law enforcement.
State and Federal lawmakers are trying to move quickly, but renters must remain vigilant and try to defend themselves as much as possible by keeping an open line of communication with the owner.
Federal lawmakers are considering legislation, but according to Joseph Russo Executive Director of the National Council for Financial Literacy, any legislation is long overdue and should be expedited considering that foreclosures are now numbering thousands daily.
About The National Council for Financial Literacy
The mission of the National Council for Financial Education of Students and Consumers is:
to provide proactive, rather than reactive, financial education programs for students and consumers, through enhanced delivery strategies of financial content, with facilitators that are focused on topics that directly affect the ability of participants to function efficiently in basic daily financial situations.
The “Council” wishes to improve awareness of the pitfalls of poor money management and significantly improve the financial awareness in areas of daily financial stability, by concentrating on topics that concern basic daily financial survival. “Back to the Basics” of good money management.
More information about the National Council for Financial Literacy can be found at www.ConsumerFinancialFacts.org