Wednesday, April 1, 2009

RealtyTrac Looks To Rental Market With New Service

In a sign of the times, Irvine-based RealtyTrac, a provider of information on real estate foreclosures, has launched a service which helps rental tenants determine if their landlord is about to be foreclosed on. According to RealtyTrac, it has rolled out a new service called RealtyTrac Renter Alerts, which will let tenants avoid an unexpected eviction if their landlord falls into foreclosure. RealtyTrac said it will charge $24.95 a year for tenants who are worried about their landlords, and will email those renters as soon as they see any foreclosure activity on a property. The recent spike in foreclosures and meltdown in the real estate market has affected a number of renters, who are surprised when banks post a trustee's notice on the door, order those renters out, or initiate eviction proceedings due to their landlord's inability to pay their mortgage.

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