Property Management in Oklahoma City | The Ins and Outs of Foreclosure
The American psychologist Abraham Mas low ranked physical safety as one of the primary determinants of human happiness in his 1943 paper "A Theory of Human Motivation". This perhaps explains why there are few things that terrify a renter more than learning that his landlord faces the prospect of foreclosure on his homes for rent in Oklahoma City . More and more tenants of OKC rental homes are learning that their landlords are about to lose ownership of their property. If you are one such tenant, what should you do? Here are some tips.
- Your lease matters. The first thing that any of the Oklahoma City property management companies will tell you is that you are protected by The Protecting Tenants of Foreclosure Act of 2009 . This was a federal law passed in 2009 that allows tenants living in a foreclosed property to stay for the duration of their lease. Even those living in OKC rental homes with month-to-month rental agreements still have at least 90 days from the time the Notice of Default is issued to remain in their homes.
- Watch out. Once you are identified as a tenants living in a property in foreclosure, you are liable to become the object of all manner of foreclosure scams . Aggressive bank agents may offer you cash to move out early-the so called "cash for keys" scam. Other bank or real estate agents may request to show or enter the property several times a day. As a tenant, it is important that you consult your Oklahoma City property management team to minimize the danger of falling victim to these scams.
- Don't budge. Because tenants living in homes for rent in Oklahoma City are afforded such strong protection under federal law, bank agents are likely to deploy underhanded tricks to get tenants to move out early. Talking to your Oklahoma City property management companies is a great place to start in building your defense. Now, if the prospect of moving out early appeals to you, then by all means, go ahead. But if not, don't allow yourself to be bullied by "cash for keys" or any other sneaky tactic.
- Pay the rent. In the hectic and confusing world of property foreclosures, tenants who have chosen to work with experts in property management in Oklahoma City can take solace in the fact that they know whom to pay rent to. Most tenants living in foreclosed homes for rent in Oklahoma City have a bitter pill to swallow. They know that their rental property is being foreclosed upon, but they still must pay the rent to the property owner. As a tenant, if you want to stay, you must pay the rent. But make sure you find out who the current owner of the property is, and pay the rent to that person or company.
The number of foreclosed properties in the US reached a mark of 800,000 in September of 2011. If you discover that your rental property is being foreclosed upon, your first call should be to a capable and qualified property manager at OneProp OKC . They will help you understand and utilize all the legal protections to which tenants of foreclosed properties are entitled under the law.
