Mesa and Phoenix, Arizona - Suggestions for Tenants to Protect Yourselves!

I’ve posted an article or two warning potential tenants in and around the Phoenix Valley and Mesa, Arizona that some of the landlords are upside down - thereby creating foreclosure proceedings. One of the unintended victims: the tenant. I have been searching for a way for the tenant to protect themselves in this situation. I’ve listed four ideas below:

1. Try and find out just when the home was purchased. Sometimes you can do this through a Realtor or the title company, or on line with the Maricopa County Recorder’s Office. Finding out the year (2004-2006) could be a red flag. Better yet, if you can find out what the mortgage amount is, that will help as well. True, it is difficult, but being diligent in this regard can save stress down the line.
2. Have a clause written in the Lease that will allow you, the tenant, to be given notice or permission to check with the lender to make sure the owner is keeping up with the payments.
3. Record your lease with the County Recorder, thereby getting faster notice of pending problems. Notices of Trustee’s Sales are typically sent to everyone with a recorded document.
4. Always deal with a management firm, because deposits will likely be kept in an escrow account that’s off limits to the owner.

These are just a few precautionary steps to take when leasing a home. Otherwise, unbeknown to the tenant, a Trustee’s Sale could be in the works, and the tenant isn’t informed until perhaps 30 days or less before they are required to vacate the premises.

This entry was posted on 16. January 2009 at 05:53 and is filed under Real Estate Market, Out and About in Town, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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