Here's a scary number: Over 200,000 California tenants are directly affected by the rise in foreclosures. A report released yesterday -- "California Tenants in the Foreclosure Crisis" -- says that at least 37% of residential units in foreclosure in California were rentals, while the largest percentage of foreclosures were single-family homes. The unfair and unnecessary displacement of tenants at the hands of banks is affecting communities across the state on a devastating scale.These tenants are the hidden victims of the foreclosure crisis which they did not have a hand in creating. Most of the blame goes to bad home loans from shady financial institutions.
Like putting a Band-Aid on an amputation, a new federal law increases the eviction notice period to 90 days. While this is a step in the right direction, it does nothing to provide longterm security for tenants during the housing crisis.
One bright side is the organization called Tenants Together. The group not only reports on the human impact of the foreclosure crisis but also operates California's only hotline for tenants in foreclosure situations. Californians caught in this bind can call the Tenant Foreclosure Hotline toll free at 1-888-495-8020 or start the query process online at www.tenantstogether.org/hotlineintake.
